Financial Times , 1982, UK, English

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PUBLISHED IN LONDON AND FRANKFURT

Thursday July 15 1982

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ICE- FrS.Ofl; GERMANY DM2.0; ITALY LI .000; NETHERLANDS FI 2-25; NORWAY KrB.00; PORTUGAL EseEO; SPAIN pti 86; - SWEDEN Kr 6.00: SWITZERLAND FrZO: EIRE SOp: MALTA 309

kl^l

ce fighting as Iranian forces cross into Iraq

GENERAL

BUSINESS

urses
to vote
again on
pay offer

rise tops
rate of
inflation

IRANIAN FORCES smashed

through Iraq's border

defences yesterday and
claimed to have advanced 15
mUes alter fierce fighting. An
Iraqi military communique
conceded that its troops had
given ground bat said they
had bunched a successful
counter attack* Our Foreign
Staff repons.

The Iranian invasion came
after 22 months of fighting.
In the past she months the
military tide has turned
relentlessly against the
Baghdad regime, causing
growing alarm- among the con-

servative Oil-producing states
in the region. At least 90,000
men are estimated to have
died since Iraq invaded Iran
in September 1980.

Ayatollah Khomeini, Iran's
religions Iejader, has pledged
to overthrow Iraq's Fresldeot
Saddam Hussein and Is also
demanding payment of S150bn
(£87bn) m*var reparations.

Iran's national news agency
reported that Iraq! aircraft
yesterday /bombed the cities
of Kerman&hah. Kborramahad
and Iiam, killing hundreds of
civilians.

The Iranian thrust is

understood to have come
about 20 miles north of Iraq's
main port of Basra on the
disputed Shall al-Arab water-
way: There have been few
details of the fighting but
Iran claimed to have
advanced to within nine miles
of Basra, smashed two Iraqi
divisions and captured 400

prisoners.

In Washington, the State
Department said the Iranian
assault had been .launched
during darkness because of

high daytime temperatures.
Officials thought that Iranian
advance could have pene-

The Royal College of Nursing • AVERAGE EARNINGS rose

disappointed TUC-Affiliated
health unions by: deciding to
ballot its members again on the
Government's 7.5 per cent pay
offer to nurses.

The decision dashed hopes
among other unions that the
RCN would reject the offer.
They fear that the five-week
period needed for the ballot may
bring about a slack enin g of the
militancy and solidarity seen so
far.

Last month the RCN’s 190,000
members voted to reject a 6.4
per cent offer by a 2-1 majority.
Back Page

Police rapped

Two Madrid policemen 'have
been disciplined : for ejecting
English soccer fans violently
from a bar -during the World
Cup-

Jet escapes

A Singapore Airlines Boeing
747 made an emergency landing
at Jakarta after fiyjng into a
cloud of volcanic : jjafa.; . Last-,
month, over Java, -'a British,
Airways 747 was involved in a
similar incident. ' . ' •

Ozal resigns

Turkey’s deputy preihier Tiirgnt
Ozal, architect of the country’s
economic recover? over the past
IS months, resigned after dis-
agreements with the - military
government. Back Rage

Factory blast

A blast ripped through a
Bangkok factory, which made
explosive caps, kilting seven *
workers and injurttfg' 70.7'" '~ v 11

Stones gp-abead

Naples city officiate given ■
conditional approval for a
Rolling Stones concert -at- the
week-end,, .in spite of church
protests that the group , pro-
motes yiplenco apd immorality.

Briton freed

Afghanistan freed - - Briti&
archaeologist Ralph Pinder -
Wilson, 66, a month after he
was given a 10-year jail
sentence, for smuggling
archaeological finds..

Weight watchers

The Romanian .Communist '
Party unveiled a programme of '
“ scientific nourishment " aimed :
at cutting the. population's cal-
orie intake and stressing a, diet ,
of meat, vegetables * and milk.
Page 2

Inquiry delay

The work of .the Falklands
Inquiry is likely to be delayed
as the chairman Lord Franks,
77, is having treatment for a .
cataract. '

Calls blocked

British Telecom plans for a
telephone link between Britain
and the Falklands, enabling
islanders to make free calls,
were hit when Atlantic storms ■
blocked signals.

Singer fined

Actress and singer Dinah Shore, i
62, was fined £100 by Uxbridge 1
magistrates after she admitted
stealing a £27 bottle -of perfume
from a Heathrow duty-free shop.. '

10.3 per cent In . the year to May,-
' above the inflation rate increase

Wednesday deadline
for rail closure

BY PHILIP BASSETT, LABOUR CORRESPONDENT

"1

- etTIL*"* ** * - 1 — h»— iw-hw wr

1979. 1980

Robbers jailed

Three men from north London
veer pailed for.thelr part in a
£350.000 jewel robbery, in which
comedian Mike Yorwood’s red
Rolls-Royce was used as a get-
away car. .

Briefly. . .

Crocodiles on Zambia's Lake
Mweru Wantipa eat 30 people
a mouth, said the Zambia Daily
Mail.

Hand grenade from World War
Two exploded and killed two
children in Trik&la, Greece.

calculated by the retail price or
tax and price indices. Page 8;
Wage rises. Page 7

• STERLING eased to- $ L7235.
a fall of five points, DM 4^

.-(DM 4.305) and FFr 1L93
(FFr 1L935) bat was unchanged
■at ; SwFr. 3.6675. Its trade-
weighted hades remained at
.«L3.Page .36 _ .

• DOLLAR slipped to DM 2.494
. (DM 2.495) and Y256L1

(Y2572S) bat edged up to
SwFr ^JL275 (SwFr 2.126). Its

■ index was 12L5 (12L3). Page 36

#GOU) rose $1 to *349.5 an
ounce in London. Hi New York.

■ the Comes July close was $347.4
($357.5). Page 28

• GILTS were stifled by the

. rgail deadlock and renewed:
Iran-Iraq hostilities. The
Government Securities Index
lost 0,02. to 7IL86. . Page 35 .

fk^|Quitu$ picked up later.
■Bie'IT iMfim index, down
2.6 at first, closed 0J5 off at
8^8,. ;.Pa«e 35 ; .

■ WALL - STREET - was 5.71
down at 818.49 near the close.
.Page 34

• SIR GEOFFREY HOWE
wants Cabinet agreement on a
1983-84 public spending total of
£Z21bn. Spending ministers
Want an extra £5bn. Back Page

• ABBEY NATIONAL'S plan
• to start an “extra interest”

savings scheme next month
. angered rival building societies.
Page 8

• NISSAN representatives will
visit 'Britain this month for talks
on poss&ly setting up a car
plant, said Industry Secretary
Patrick Jenkin. Plant pressure.
Page 8

• PHILLIPS Petroleum,
operator of the North Sea
Maureen field, awarded td CL G.
Doris of Paris an order thought
to be more than £10m. Page 8

• BARCLAYS BANK is set to
force through Saturday opening
in spite of threatened industrial
action by both its unions. Page
.20

• UNITED GLASS Containers,

leading bottle maker, is to .cut
480 jobs at plants in Glasgow
and London.' Page 8

• CABLE and Wireless, the
telecommunications group in
which the ■ Government sold
almost, half its shares last
October, lifted fuH-year taxable
profits to . £97.66m (£62.05ra).
Back and Lex; Details, Page 22;
Technical standards. Page 8

• NORTH DEVON MEAT co-
operative will- ask its 5,000
farmer shareholders for 52m
on Saturday in a survival
attempt. Page 28

• MURPHY’S, the Cork brewer
of Guinness rival Murphy’s
Stout, was put in receivership.
Page2fi

• H. P. B ULMER, dder mak-
er, raised . pre-tax profits to.
£7.51 m in the 53 weeks to April
30 l£4.51m in the previous 52
weeks). Page 23

• AMATXL, Australian tobacco
and food group, increased six-
month net profit to A$2L63m
l£LL66m) from A$ 17.46m.

'Page‘27‘

BRITISH RAIL is to shut the
railway network from next
Wednesday and dismiss all
23,000 train driver*- - still on
strike unless there is a substan-
tial return * to work, it
announced yesterday.

However, BR is not for the
moment attempting the legally-
fraught suspension of the indus-
try’s guaranteed work arrange-
ments, which would mean
stopping the pay of its entire
workforce including the
National Union of Railwaymen
and the Transport Salaried
Staffs Association.

• Sir Peter Parker, BR chair-
man, said It was a “sad black
day for British Rail” His
sombre tone was echoed In the
Commons by Mr David Howell,
the Transport Secretary, who
said: "The path ahead for
i Britain's railways is very dark.”

The long-expected decision of
BR to take firm action against
the Associated Society of Loco-
motive Engineers and Firemen’s
strike was takes on Tuesday,
but not formally disclosed nntil
yesterday, to allow th£ Advisory
Conciliation and Arbitration
Service to pursue its abortive
irritative to try to prevent he
closure. .

Following the failure of the
Acas. talks, * winch ended eariy-

yesterday morning without
agreement, BR said that the
railway system would be shut
from 0001 hour next Wednes-
day (one minute past Tuesday
midnight) unless there was a
substantial return to work by
Aslaf members.

BR did not specify the level
it would regard as substantial.

Despite the fact that in the
last few days increasing num-
bers of drivers have returned
to work— 668 by 4 pm yester-
day. including 391 Aslef mem-
bers, allowing 1.133 trains to
be run, compared with 1,083 by
the same time on Tuesday — BR -
acknowledges that the numbers
ore still marginal.

- Sir Peter said: “ I don’t think
we can expect a flood in a
return to work. I don't think
that is the way the Aslef
membership will respond to
this crisis. I have never had
illusion about that.”

BR will try to maintain trains
in areas where it feels regular
and economic services are
possible. On the basis of
recent figures, tins could
include large parts of Southrn
Region and areas such as
Birmingham and Manchester.

BR is reulctant to tackle be-
fore it really has to the legal
complexities of-saspendteg- the

guaranteed week for the NUR
and the contractual salary ar-
rangement for members of
TSSA.

The unions are ready to
seek an injunction restraining
BR if necessary, and BR clearly
is unsure about its ability to de-
fend Us action successfully in
the courts.

Bt if the closure goes ahead
all non-striking employees will
receive only tbeir basic mini-
mum pay;

Shutting the network while
still paying minimum wages
will save BR about £29m a
week, £12m in pay and £17m in
other operating costs reducing
its weekly costs to -about film.

Suspending the guaranteed
working week would reduce
them to about £6m.

Only about 5,000 safety and
other staff necessary to safe-
guard the system would be
required to report for work.

The sacking of all staff still
on strike, or taking industrial
action would take place on
Tuesday and include NUR mem-
bers refusing to cross Aslef
picket lines, a point on which
BR has taken legal advice.

Letters will be sent • to

Continued on 'Bgck Page
Railways future “dark,” Page 9 j

Ambrosiano pressure on Vatican

BY RUPERT CORNWELL AtO DUNCAN CAMP BELL-SMITH IN MILAN

THE VATICAN bank, Jsututo
per le Opere di Religione, is
being pressed to repay up to
$lAbn (£8 12m) of loans made
by Italy’s Banco Ambrosiano to
several Panama - registered
companies operating under the
umbrella of the bank of the
Holy See.

The mysterious loss of the
$L4bn, which lies at the heart
of the Ambrosiano scandal, has
been firmly identified here as
loans to a group of between 10
and 20 companies in Panama.

Three . . . .commissioners,

appointed by the Bank of Italy
to take charge of Ambrosiano's
affairs, from Milan, have no
clear idea, however, of what the
Panamanian companies did with
the money. Neither has their
ownership been established.

There is a widespread specu-
lation in Italy that at least part
of the funds- was used to pur-
chase shares in Ambrosiano
group companies, including

Banco Ambrosiano Spa, the
parent

Such purchases could indicate
that the tVatican has a larger
share than has been publicly
declared in the group, and par-
ticularly in its Luxembourg sub-
sidiary, of which the Milan
parent holds a little less than
70 per cent

The Bank of Italy has joined
the Rome Government in apply-
ing intense pressure upon the
Vatican authorities to accept
responsibility for the loans.

In the meantime, the central
bank appears to have averted
the threat of international
banks moving to call in funds
advanced to Banco Ambrosiano, >
head of the largest private bank-
ing group in Italy, which has
assets of L9,701bn (£4bn).

The commissioners appointed
by the Bank of Italy were con-
fident yesterday that govern-
ment pressure would oblige the
Vatican bank (IOR)— itself now

also under their effective con-
trol — to provide for repayment
of at least a substantial part
of the outstanding loans.

About half of the total is
understood to have been lent
originally by the Milan-based
parent company of the group,
Banco Ambrosiano Spa. The
remaining amount of perhaps
$70Qm was lent by the group’s
subsidiaries, Banco Ambro-
siano Holdings of Luxembourg i
and the Nassau-based Banco
Ambrosiapo Overseas.

In all three cases, the group’s
loans first went into short-term
deposits with two other group
subsidiaries in Peru and Nica-
ragua. These two, Banco
Ambrosiano Andino in Lima,
and Ambrosiano Group Banco
Comerrial in Managua. lent
direct to the Vatican-backed
Panamanian companies.

The original funding for
these transactions was organ!

Continued on Back Page

Full disclosure by banks a step closer

BY ALAN FRIEDMAN

THE GOVERNMENT yesterday
moved closer to a policy of
support for foE disclosure of
hidden reserves by UK
merchant banks and other
financial Institutions.

Dr Gerard Vaughan, Munster
for Consumer Affairs, toid a
Commons committee cat Euro-
pean documents . that the

Government would favour full

disclosure, unless “a very
strong case ” could be made by
its opponents.

Commenting on a European
. Community directive on bank
accounts proposed last year, Dr
Vaughan said: “It will be for
those who believe that undis-
closed reserves should be
allowed to continue to prove
their case.”

At present, there are some 95
UK institutions which are
exempted from disclosing
hidden reserves. These include
discount houses, accepting
houses and other merchant
banks and a number of overseas
banks.

These institutions declare
their profits only after transfers
to or from inner reserves. These
reserves are not disclosed separ-
ately in -balance-sheets and are
normally deducted from the
total of deposits and other
accounts.- •

Dr Vaughan told the commit-
tee there seemed to be “a
general groundswell of opinion
from users of accounts in
favour of full disclosure.” He
said it was “very significant”

CONTENTS — -

that undisclosed reserves were
not permitted in the UB. or
Canada.

The EEC directive under dis-
cusion, first proposed in March
198L provides a range of
measures designed to har-
monise bank accounting in the
Community. It does not, how-
ever, require fuH disclosure.

The EEC’s Economic and
Social Committee earlier this
year accepted the practice of
undisclosed reserves, but was
deeply divided and only
reached its decision by a
majority of one vote. The Euro-
pean Parliament is still deliber-
ating on the directive and is
not expected to decide before
next year.

Editorial Comment, Page 20

CHIEF PRICE CHANGES

(Prices In peace unless otherwise
RISES

Beecham 289 + 11

Birlmer (H. P.) 460 + 26

Clicmring 390 + S

Daejan 162 + 5

Ferranti 810 + 10

Glaxo ; 793 +.28

Gresham House ... 134 + 4
Harris (Ph'.J ......... S3 + 13

Magnet & Sthns. ... 164 + 6
Ncrrydown Wine ... 112’ + 5

Pfesscy 500 + S

RoJfc & Nolan 98 + 4

Thorn EMI 390 +' 5

Time Products ...... 23 + 4

BP 264 + 4 .

Anglo Amer. Cpn. ... 500-

390 +' 5
23 + 4
284 + 4

YESTERDAY

indicated)

Doornfnnlein 680

Durban Deep 703

Guid Mines of Kalg. 165
Hampton Areas ...... 163

Harmony 478

Li ha non 790

Marievale 90

Paccidnn 98

Venterspnsr 300

FALLS

Black (P.) 320

British Aerospace ... 221
Cable and Wireless 283-
G la afield Lawrence 35

Hambro Life 277

TitaghurJute 25

+ 80
+ 139
+ 15
+ 5
+ 58
+■96
+ 12
+ 7
+ 54

South Africa: troubles facing the gold Editorial comment: Mexico; banks'

mines 20 hidden reserves : 20

Economic Viewpoint: new signals frum Lombard; Philip Bassett on Civil Service

Busmess I*w: remote gardens of ^ < 3 ,^. need to” redefine

Marketing; surviving in the West employment pI4

German market - 18 Survey; Isle of Man

ArAMfwi News _ 4

Appointments , — a 10

Appts. Advtg. , T2-1S

Aits — . 19

Bass Rato- 17

CoirunadltiM 28

Com pan** UK 22, ZJ, 24

Crossword 19

Ecen. Indicators 17

Entertain. Quids — " 19
European News _. 2.3
European Options 24

Euromarkets *—

FT Actuaries

Foreign Exchanges

Gold Markets

Jnti. Companies 25. 2fi

jobs Column

Leader Page -

Lenars

L«

Lombard —

London Options

Management

Men & Matters ...
.For latest Share

2S Mining 2*

36 Money Markets H . 36

H Oversees News — 6

Parliament 9

5 Racing 11

20 Share Information 38. 33

21 Stock Markets;

40 London — 35

21 wall Street .. — 34

24 Bourses 34

18 Technology 18

2D TV and Radio 11

Index phone 01-246 6026

UK News:

Can era I 7. 8

Labour 10

Unit Trusts;

Authorised 36

Others 37

Weather 40

World Trade News 6

ANNUAL STATEMENTS

GE1 InU 23

Plysu Z7

Elf Aqtritatns ..... 2

Uidn. Freight inem 23

trated up to 20 miles but said
they still had no clear pic-
ture of Iranian military
objectives.

The U.S. has reaffirmed Its
neutrality in the wa rbut said
it. was prepare dto consnlt the
combatant's Gulf neighbours
on ways to support them if
their security was threatened.

After a meeting with Presi-
dent Reagan. Mr Howard
Baker, the Senate Republican
leader, said the attempt by

Iran to extend Moslem funda-
mentalism would be unset-
tling for Saudi Arabia,

U.S. budget
deficit may
top $ 160 bu

By Samuel Brittan
THE U.S. federal budget deficit
for the 1983 fiscal year is likely
to be $I60bn to $170bn (f93bn
to £99hn). according to auihori-
titive New York estimates,
rather than the $104bn forecast
by Lhe U.S. administration after
Congress gave its blessing to
President Ronald Reagan’s
latest budget plans.

This will complicate the task
of Mr Paul Volcker. chaiifnan
of the Federal Reserve, the U.S.
central bank, in his half-yearly
report to Congress next Tuesday
in which he has to reassess
monetary tai^gets for the second
half of 1982 and present provi-
sional objectives for 1983.

He is expected to confirm the
more flexible interpretation of
the monetary targets alrepdy
observed by the markets. The
Fed has been influenced by
evidence that the squeeze has
gone further than intended. On
the other hand Mr Volcker will
want to reaffirm the Fed’s long-
term anti-inflationary stance.

There are diifferenres of
opinion in the Fed on how far
to take into account, in reasses-
sing its targets, the rise in the
dollar and the associated 20 per
cent loss of U.S. coronptitivp
power in the past couple of
years.

Informed European observers
do not expert Mr Volcker to
abandon th«* 21 to f*A per cent
ram'p.for the *mwth of monev
supplv Ml alreadv announced
for this year and which has
been achieved almost to perfec-
tion in the first half of the year.
But be is eJroertPd to empha-
sise the inevitability of short-
term deviations and the in-
creasing uncertainty about the
relation between the various
measures of the money supply
and the growth of the money
national income.

Economic Viewpoint, Page 21

£“in New York

Jordan and other countries
in the Middle East.

Richard Johns adds: The
Iranian invasion will have no
immediate impact on avail-
abitltv of oil. but has led to
apprehension in rite Industry
over the possible repercus-
sions on the production
policies of other GuU pro-
ducers.

Iraq's production from its
southern fields in lhe vicinity
or Basra stopped at the out-
set of the conflict in 1980.
together with shipments by it
through the Golf.

Gulf war poses queries. Page 6

AEG given £139m
loan guarantee

BY KEVIN DONNE IN FRANKFURT AND JONATHAN CARR IN
BONN

spot 31,7265-7280! S 1,7325 7335
1 month 0J18-O2S pm 0.24-0.29 pm

3 monttisjl.10-l.15 pm'o.97-1.03 pm
iamonthBi4.10-4.35 pm[ 3.70-3.80 p3

THE West German Government
yesterday granted AEG -Tele-
ftinken loan guarantees of up to
DM 600m (£1 39.3m) to cover its
major export contracts, a crucial
firsi XJp in giving the troubled
electrical group lime to press
ahead with its controversial re-
structuring plan.

Count Otto Lamsbdorff, the
Federal Economics Minister,
made clear afler a Cabinet meet-
ing that lhe loan guarantee
alone would not be sufficient to
ease AEG’s acute liquidity prob-
lem. It is also conditional on
the banks providing some
DM 275m in new funds to under-
pin the group.

The Minister defended the
decision to provide the credit
guarantee on the grounds that
the Government had a duty to
avoid any risk to the whole
German economy and to defend
the reputation of the country’s
export industry.

Not all 24 members of the
AEG banking consortium are
prepared to provide further
finance — some only hold shares
in the company and have do
direct credit lines. However,
the company appears assured
of receiving its DM 275m, albeit
against specific collateral, which
is expected to take the form of
shares in AEG-Kabel, a profit-
able cable^muking subsidiary of
AEG. -

lhe state loan guarantee,
which wSI cover manufactur-
ing finance as well as perform-
ance bonds on export contracts,
should be worth around DM 800-
350m. Together with the bank
measures, it is expected to safe-
guard AEG's liquidity position
at least until the year end.

The state guarantee is ex-
pected also to provide a psycho-
logical boost, allowing AEG to
return to more normal trading
conditions with suppliers and
customers. Equally it should
help allay fears among the
company’s foreign creditors.
AEG has worldwide debts of
DM 5bn.

Count Lambsdorff insisted
that finding a solution to toe

crisis surroundin'' AEG. one of
the country's large.-; corpora-
tions. was primarily n matter
for l he company .and UVwt Ger-
man industry, not for the* slate.
The Government would not put
forward its own re-siruduring
plan for AEG, and the state
would not lake a financial stake
in the company — either directly
or indirectly.

Both the AEG workforce and
the management must be ready
to make sacrifices, he said.

The question of financial aid
to AEG has raised criticism
from small and medium-sized
business in the Federal Repub-
lic on the grounds that such
support was ortlyy available for
big companies.

Thousands of small busi-
nesses have been allowed to
collapse during the recssion of
the last two years, but Count
Lambsdorff pointed out that
many medium-sized companies
depended on AEG for their
business.

Some 123,000 jobs are directly
at stake in AEG, 99,000 in West
Germany itself. A collapse of
the company would hit thou-
sands more jobs among its sup-
pliers, as well as possibly trig-
gering a more general crisis of
business confidence

AEG’s chances of long-term
surivival now depend on wheth-
er the management can push
through its radical re-s true tnr- ■
ing package. “AEG-83,” which
envisages splitting the group
into two separate companies

It plans to dispose of at least /
a majority holding in the heav-
ily loss-making consumer elec-
tronics subsidiary, Telefunken.

It still faces many obstacles
in implementing the compli-
cated rescue package, however,
and its plans may well have to
be altered in coming months.

Count Lambsdorff stressed
yesterday that the decision to
grant the export business loan
guarantee did not pre-judge the
Government's reaction to AEG’s
application for overall loan
guarantees totalling DM lbn
from Bonn and DM 550m from
four state governments.

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Financial . Times -Thursday

EUROPEAN NEWS

Portuguese
business
told to get
on with job

By Diana Smith in Lisbon

PORTUGUESE businessmen
have been urged to atop being
so negative, iu vest mure, in-
crease output and productivity,
and to cease expecting the
Government to use “ magic
tricks" to solve difficulties.
Addressing the Portuguese
Industrial Association, Sr Joao
Salgueiro, Che Finance Minister
announced that the government
had simplified che integrated in-
vestment incentive scheme,
making it easier f*r small
businesses to obtain automatic
access to tax and financial in-
centives. and that credit ceil-
ings will soon be lifted.

This did not mean credit
would be cheaper, Sr Salgueiro
warned. As long as dollar in-
terest rates were high, money
would he expensive. Interest
rates currently range between
22 per cent and<28 per cent a
year.

Sr Salgueiro said exporters
and importers would soon be
able to borrow in the foreisni
currency of their choice, and
foreign currency deposit
accounts for non-residents
would no longer be limited to
Portuguese emigrants.

However, he warned his
audience, which persistently
complained to him about credit
difficulties, that banks would be
even more discriminating in
their lending. Own capital out-
side funds ratios would be
studied far more closely, and
those with little capital who
were heavy borrowers —
especially importers of con-
sumer goods — would find it
harder to raise credit.

Portugal's problem, Sr
Salgueiro said, was not so much
tight credit as under-capitalisa-
tion. The ecuuonty would never
grow until businessmen injected
more capital into their com-
panies on a lasting basis.

Sr Salgueiro was harsh on
businessmen who have been
gloomy about the economy or
eager to condemn the Balsemao
Government to death.

“ Foreign bankers have been
toid by Portuguese business
people that we are on the verge
of economic collapse — when we
have better borrowing condi-
tions than many countries.” he
said. He refused to subscribe to
what he called a “negative
psychosis.” “ I suggest you drop
it It is not in your interest."

David Housego, recently in Lyons, reports on a town synonymous with increasing racial tensions

Immigrants blamed for rising French unemployment

SINCE THE disturbances of
last year. Venissieujt, an the
outskirts of Lyons, has become
(unjustifiably perhaps! synony-
mous for many Frenchmen with
the racial tensions building up
in their cities. It is a dormitory
town conceived during the
high growth of the 1960s by
a Communist municipality
which proudly set out to build
the largest high-rise housing
estate in France to accommo-
date 35,000 people.

As growth receded, -unem-
ployment increased. Venlssieux
has some 7,000 people aged
under 25 out of work. Most
of these live in the tower
blocks of the Les Minguettes
estate la Zone UrbanLsfce de
Priority, or ZUP in French
jargon) and are immigrant
families from North Africa —
mainly Algerians — who settled
in France when labour was
scarce. Now their children are
the last to get jobs. “If your
name is Hamid you don't stand
a chance,” say young immi-
grants.

One person in three in
Vemasleux is an immigrant, but
that ratio is kept artificially low.
M Marcel HoUi, the town's Com-
munist mayor far 20 years, has
ruled that no more immigrant
families can move into Les
Minguettes.

M Uouel is often attacked as
racist for bis decision, though
there is no doubt that it is

popular in Venjisieiir. As
French families have moved
away from the estate, some
2.000 of the 9,000 Hats at Les
Minguettes lie empty. At a time
of national housing shortage,
the Communists themselves ex-
press their shock at this.

Last year's violence began
when youths, bored and restless
at the end of a hot summer,
Stole cars to take them to the
coast. When tired of that they
hurtled the cars round the
Zup in “rodeo” races. When
neighbours complained, their
cars were burnt. After That the
“ rodeo ” became a ■ ritual of
stealing cars, racing them round
the Zup and then setting fire to
them. The Press and television
descended on Venlssieux, gave
national coverage to the atfair
and possibly even helped to ex-
acerbate 1L

In an effort to prevent simi-
lar trouble this year, the Gov-
ernment announced two weeks
ago a FFr ilOm (£9,2m) pro-
gramme for Venissieux. Part
of the funds are to go towards
long-term measures to improve
schooling, provide more youth
training schemes and to “ reno-
vate ""Les Mingiiettes. The re-
mainder is being spent on activi-
ties over the summer period —
swimming, sailing, canoeing,
camping weekends, parachut-
ing, cinema and holidays for a
lucky few.

At the same time the police

forces have been strengthening
in response to local demands
for a tougher policy of “law
and order.” The combination
reflects the unease of a govern-
ment of Ihe LefL on race issues.
In opposition, the Socialists
advocated a mure liberal immi-
gration. policy while the Com-
munists blatantly exploited the
racist instinct.- of their tradi-
tional supporter?.. The coalition
partners have since com-

tha: it is the Communist-led
CGT union, which has been
championing the cause of low-
paid immigrant workers at the
Citroen and Talbot car plants —
. damaging the competitiveness of
the car industry but enlarging
the base of the CGT.

M Ghadar Sif, an education
counsellor who has been active
in geiting legai aid for young
people sr rested by the police
a; Venissieux. describes the

The French Government has announced a £9m, :
programme for Venissieux — where one perspri
in three is an immigrant and 7.000 people under
25 are unemployed — in an effort to avoid a repeat
of last year's violence, which began when youths
raced and set fire to stolen cars.

promised on an immigration
policy that legalises ihe status
of those -without papers" while
deterring new entries.

In the large cities of Paris,
Marseilles. Lyons and Lille
racism has grown with unem-
ployment. A visitor has only
to be in Venissieux a few hours
before he hears the well-worn
argument rhat unemployment
and social problems would be a
lot easier if the 1.7m immigrant
workers in France went home
— the number is not far off the
total of 2m French unemployed.

The other side of the coin is

summer programme of activi-
ties as “dust in the eyes” which
ignores the roots of the prob-
lem.

The young on the estate feel
doubly condemned by society, he
claims for being unemployed
and for carrying the stigma of
living in Venissieux. M. Sif has
a lengthy dossier of police
harassment, of flying raids and
haphazard arrests, of people
being held up to five months in
preventive detention without
being brought to trial, and of
police brutality.

” You can’t remove the

problem,” he gays, “ unless you
let young pcoplo/show that they
can do something -hiot'e than
burning cars. Now they feel they
are only taken seriously when
there is a clash, with the police.
Between the young and the
police there is no real dialogue.”
M Sif is anxious to get the
young involved in an. active
policy to renovate the town.

But Venissieux is no Liver-
pool. Climbing up out of the
industrial suburbs of Lyon —
Venissieux is built on a hill—
the first impression is to the
acres of green space and a
horizon of fields and wooded
slopes. Nobody claims that it is
dangerous to walk around
Venissieux. but it is a town
whose rapidly built tower blocks
have left it without character.
It had no cafes or social clubs
fur the young until 1975 and is
still belatedly filling the gap.

54 Roger Bourdeleau, assistant
to the mayor, defends the policy
of keeping new immigrant
families out of Les Mingucttes,
even if they are the married
children of families already
there. ,r We don't want this to
become a large ghetto,” he says.
“If the mayor gave the green
light, the 2,000 empty flats
could be filled tomorrow. But
they would all be taken by
North Africans. And those ore
people who have large families.”

As part of a new plan to
improve the estate, three of the

tower blocks are to he knocked
down. But the municipality
does not have the funds for
major changes, and it would be
difficult, in any cose, to reverse
Venissicux's image sufficiently
to attract back the French
families who now prefer a plot
of land and a house of their
own.

M Bourdeleau, at the age of
57, is what the French call n
rieuar routin'— an old hand of
the Communist 1 Party— as is the
mayor. He believes the Right
has been behind much of the
trouble but he talks of the job
of the police “in protecting the
security of the population" as if
he were quoting from an
editorial In the conservative
daily Figaro.

M Bourdeleau hopes there
will not be another outbreak of
violence this year. Most people
seem to agree that with the
measures taken it can be
avoided M Sif is not so sure.

He thinks there can be no
certainty of calm untB the
police release those they are
holding under preventive deten-
tion. A quiet, moderate man.
M Sif puts his long-term hopes
for avoiding racial violence in
the French tradition of tolera-
tion and in the wish of the
second generation of North
Alricans to be accepted as
French citizens. But unemploy-
ment is straining this vision of
harmony.

Solidarity’s radio station
signs off for two months

Party seeks aid of science to slim Romania

BY CHRISTOPHER BOBINSKI IN WARSAW

THE SOLIDARITY union’s
clandestine radio station went
on the air in Warsaw on
Tuesday evening to mark the
passing of seven months of
martial law and announced a
two-month break in transmis-
sions. It was the first time the
station had been heard in the
capital since June 8 when some
of iu organisers were arrested
and equipment seized.

Tuesday's three-minute broad-
cast asserted the radio's right
to exist as a public service and
to accept aid.

The military authorities
recently arrested Mr Roger
Noel, a Belgian citizen who has
been accused of smuggling
equipisent for the radio into
Poland.

• The Foreign Trade Ministry

has announced that 829 Polish
exporting companies have been
a llu wed to keep back a share of
their bard-currency earnings to
spend free of central control.
Some $76m have been allocated
under the scheme so far this
year $19m has already been
spent.

Companies have been granted
rhe right to keep back an
average 20 per cent of their
earnings and SI bn is expected to
be spent on imports in this way
by next year.

At the beginning of this
month, the system was extended
to enterprises which provide
components for goods which are
later exported. The Foreign
Trade Ministry is also consider-
ing allowing interest to be paid
to companies which do not
spend their allocation.

President Ceausescu:
rationing system

food

BUCHAREST — The Romanian
Communist Party yesterday un-
veiled a “ programme of
scientific nourishment” aimed
at cutting the population's daily
calorie intake and stressing a
diet of meat, milk and vege-
tables.

The plan would mean a
change in eating habits for most
Romanians, traditionally big
consumers of bread and corn.
The party newspaper, Scienteia,
said the draft programme was
being submitted for public
discussion. It has already been
enendorsed by the party central
committee's executive political
committee, according to Ager-
pres. the official news agency.

The draft does not outline
how consumers can obtain the
prescribed 80 kg of meat and
fish and the 230 litres of milk
per capita annually, in the face
of widespread food rationing
and shortages. Aiming at im-

proving food structure,” it sets
an intake of 2,800-3,000 calories
per person daily by 1985, down
from 3,300 calories at present.

“Less (animal) fats, more
proteins, and generally a restric-
tion of calories in daily foods,
especially for those elderly, can
contribute not only to the main-
tenance of health in optimum
conditions, but also to the.
elimination of some degenera-
tive diseases,” the programme
says.

It sets out means for
“ correct ” daily consumption
according to age, sex. job,
physical effort and local
traditions.

While proteins from meat,
milk and eggs are required to
cover u]> to 25 per cent of the
daily calorie intake . by 1985.
cereals will have to be cut back
from the present 45 per cent t»
about 38 per. cpnt. Eat and
sugar consumption is to go

down, allowing for vegetables,
potatoes and fruit to close the
gap.

President Nicolae Ceausexi’s
Government began a food
rationing scheme last autumn in
an effort to counter persistent
shortages. Meat, sugar, flour and
other basic- foods have been re-
stricted to 1 kg a month per
person. . . , •

A Communist party resolution
last March disclosed that, be-
cause of fodder shortages, the
nation’s - cattle population
dropped by 182,000 to 6.34m in
the year to January. It urged
establishment of large-scale
rabbit farms to offset severe
cuts in beef supplies expected
in the next three years.

In some cities, butchers' shops
have been closed for “renova-
tion” and June was declared the
“month of greenstuff." . Few
cuts of lean meat are Available
AP

Bonn to
spend more
on space
programme

By Jonathan Carr in Bowl

THE WEST GERMAN «n*.
eminent yesterday approved
its fourth space programme,
under which f)M 3.3hn
f£999m) will be made avail-
able for research and
development up to and in-
eluding I9Sfi.

While this implies an
annual increase iu funds for
the space sector of only about
5 per cent a year, llerr
Andreas von Bulmt, the Tech.
hoJogy Minister, stressed: that
the West German programme
compared well with those or
France and Japan.

Tbe key accent is on inter-
national co-operative pro.
grammes, above oil in
development of satellites for

communication and observa-
tion. Another large slice of
tbe funds goes ' to basic
research.

Passage of. the programme
through the Cabinet comes
shortly after approval by tbe
French and West German
Governments of plans to
develop joint television-
satellites.

The West German- French
industrial consortium, Euro-
satellite, is expected to begin
work this year on (wo direct -
broadcasting satellites, due to
he put aloft in 19S3 by rhe
Arianc European launcher.
Quite apart from the benefits
of dearer — and perhaps, more
diverse — programmes, both
countries hope for export suc-
cess with their Joint satellite
system.

# West German oil consump-
tion should (all another l-.l
per cent this year, Deutsche
BP said yesterday AF-DJ
reports from Hamburg.

The British Petroleum. sub-
sidiary also expects domestic
oil nse this year to decline fo
103m tonnes from lOT.Cm last
year.

The ' decline in the
country's consumption of «H
continued at a slower pace in
the first half of this year,
according to the company. 'It
was down 3 per cent to 55m
tonnes - compared with the
corresponding period last
year, and Hi per cent loner
than in the first half of 1979.

FINANCIAL TIMES, oubl.shod cfmlv
anchor Sundays and hnltttovn U S
l aobacnpiion raios S3BS.00 por annum.
Second Class passage paid at Nav»
York N.Y,. and AC additional mait.ni
^OgjttrM.

societe nationale
elfaquitaine

A limited company with registered and issued share capital of 910.048 000 francs - Registered Office iTour Aquitaine - 92 C0URBEV0IE
Head Office: 7, rue Nfitalon - 75015 PARIS - Regislrofians n° : RCS NAN TERRE B 552 120 784

YEAR ENDED DECEMBER 3 1 , 1 98 1 annual general meeting of shareholders, june 29 , 1 982

C0N71NUED EXPANSION DESPITE THE SLUGGISH ECONOMY WHICH HAS SQUEEZED INCOME

Oil production capacity, already heavHy In surplus, continued to rise In 1961 as the oil companies Intensified their exploration efforts.
Meanwhile, demand In the leading consumer countries fell (by 10* In France) under the triple Impact of'economlc stagnation,
energy conservation and conversion to other forms of energy.

The situation In the refining industry grew steadily worse, to the point where sale prices sometimes dropped below the cost
of crude oil processed.

In addition to Ihe worsening results of ELF FRANCE, there were losses in petrochemicals and In the Saclelfi LE NICKEL -
While adjuring to present circumstances, Ihe Group prepared for the fulure. In addition to Its normal operations In Africa and Europe,
il has made □ major Investment In the United Slates through Us takeover of Texasgulf, with Its abundant natural resources. Furthermore
It diversified by acquiring companies or Investment securities, especially in line chemicals, new energy sources and energy management.

Principal activities in 1981

Exploration

Grass reasenold acreage tell by appraximolety one third
In 1981. due in particular la me disposal or me Canadian
assets and ihe surrender at seuuiol geological uirvty
leases m Alnca.

In 1981 exploration expenditure was 5.1 billion francs
(including 0.7 in France; while developmeri expenditure
Waited 6 3 billion (tones (including 0 8 in France;.

Production

Since me disposal at ils Canadian assets, ELFAQUITAINE
is producing in M cuanines.

In 1981. Group-operaled production tola lied 23.1 million
tonnes of liquid tivarotcuauns ana 28.7 Oiiuon
cubic metres ol saleable naruiol gas.

The Group also produced (excluding TaxasguID
2 1 million tonnes of sulluf uuU.KJiftg 0.3 m Canada,
uniil ine d^pi/sul oi il-. asseis mere.!.

Owing ii me atdm-.iltan at Te,o<;giitf ('which produced
7.6 million lor.nes ol fiasn siillur in 19alt and de^piie ihe
disDO'.ijI u! Aquitaine (.uiiipaiiy at Canada (ram July 1,
1981 the Group nas became me Urged producer
or sullur in me Ae-Jern Adld
In addition during 1531. TEXASGULF predated 5 million
tonnes ol pribipriole* ana V&b 000 tonnes it poiiisri.
Conditions remained difficult ler Ihe Socles LE NICKEL
l Eli AquilOine LQ\j or, a if lepaded a toss ol 27b n.uu&n
francs to' 1981, irilua.ng a tore.gn currency KarakHion
loss of 82 million irancs an ds wng tone debt.

Crude oil Hotting - refining - distribution

Ihe Group s crude od resource: in 1981 were in
the netglilmuindud ol 38 6 million lonnos. ol which
18 rriitiiori ruling came iiom orl fields operated by me
group and 2? 5 milhun tonnes were bough! Irani irm J
parties. MM uf this was Saudi crude, wteicc pnea
and qualify met rhe Group's refining requirements, both
qualitative ana nLunomic.

23 3 miiMn tonnes of crude oil were carried in 1SST
on befiali ol ELFAQLilIAINc. considerably le-ss than
in 1980.

ELF FRANCE suffered economic operating tossts cf seme
3 fiiition francs m 1981 nor fully reflected) in the sac ml
accounts because at inventory valuation. Tnh lass, much
greater inon previously, was caused by ine narrow in
some coses negative gap ber-veer. the purchase price
oi erudtt oh ornj me ex wifi«v pii« of finished
products, coupled with ihe glaring insufficiency of sale
prices to the final consumer. Even so. m order ro fwia
losses al this level, ihe company has hoo la tut bacH
purchases and processing at crude Oil appiKWDfy,
buying in Ihe finished product: instead. ■

Sales of finished products in Frcnce totalled 18 3 million
tonnes, accounting tur 2j IS. u' ine dtimssnc marker,
compared wim 23 & 1 *! in 1980 in terms ol tonnages this
represents a 13 8\ crop m sales compared with |2 4%
tor nalion'al consumption os a whole. This reduction
is ihe outcome mainly or ihe Group s policy of
concent rot mg on ihe mosl economTcally attraction
products ana ol very sfi.cr price controls which hove
larced ihe abandonment at certain proauci lines.

Group sales in Europe totalled 7 million tonnes.

Petrochemicals

Abnormally low output coupled with Inadequate sates
puces have severely squeezed the results or AIO-CHfMlE
unu CHLOE CHiMiE born ol wtiicn reported -sharpfy
negative ca-.h flaws even mo ugh tw sales revenues
Teiitumcd roughly comparable ro 1980 figures
i5.4 oiiiion iiunt:*.i.

Vf'hal makes this situ alien particularly worrying
at present is that these companies ought to be adapting
strategies and moderncmg mar production faciimes in
order ro rema-n competitive : it 15 clearly going ro be
necessary toEi.-icre to Turn to r.tutencraeis in order to
finance me requisite capital e.p end, lures.

Fine chemicals

The acquisition of 30 s 5 Cf fhe equity of CECA S A.
was tanner evidence ot ihe Group's intention ra mofce
fine cnetrucais ond Dianaea products one ol its
yiaiegiC fires cl aeretopmefff : the move
complement me positions occupied Mice 1977
particularly By itj American subsidiary
M & T CHEMICALS.

CECA's soles revenues were In the vicinity off billion
Junes cf wrncn 60 ^ were ouistoe France.

Pharmaceuticals and cosmetics
1931 was a scbslcctary year far EANGR which
had solas revenues cf 6 6 bilfion francs, on increase
cf 21S over 1950 atar allowing for changes in w&
company's structure.

3AHGFI acquired 0 majority interest In IflSTlTUT
P*6lEUi< PRODUCTION, giving it art tfnporfar.1 snore
ct ir.e biotog,' industry and reached agreement *i;n
AMEfiKVN HOME PM0UCT& me second larger, r .
phaimacailical firm in America which is vital
10 CrifyOfi s future development m me USA.

Scientific and technical research -
Innovation

7ne Group In 1931 hod mode considerable
endeavours In tha fields of research, development
and innovation, spending 1.100 million liancs
including 700 million on health and hygiene
activities.

Financial highlights

The consolidated sales ol ihe Group were 104.4
billion Kanes 007 2 if (he participation In ATO-CH1MIE
and SLN is included; against 76.7 brllion Kanes
In 1980.

Cash flow was 14 9 Mfiori frcncscom pored with
13.9 in I960. This drop in real terms 15 due essenliany
to weakened demand lor oil and increases in
laxafian.

Consolidated net Income in 1981 was 3.687 million
trqncs compared with 5.817 million Iran win I960,
down 36V This figure is arrived or offer making
a charge lo income 0 ! 4.031 million hones for the
increase m ihe current pr ice reserve for inventories
(against 3.245 million francs in 1980} and income
lo.es toia»ing 12.145 million troncs (against
8.917 million irancs m 19801.

As concerns the consolidated balance sheet,
il should be noted that ihe gam ol 3.900 rniHion
hones, realised on me disposal al me Group's equity
in ACC. has been credited anecify lo relumed
earnings.

The edent af the Group's capital expendilures in
1961. m af 31 billion troncs s one ot Ihe
outstanding features of Ihe year. The most obvious
factor r,os been ihe acqiiiAihcn 01 1EXA5GULF but.

In addiiion. over 14 billion Irancs have been spent
on oil ond gas exploration, field development, and
on refining and distribution, compared yvflh Ground

billion irancs in 1980.

SHEA, the parent-company, had net Income of
2.0^4 million panes against 2£27 million irancs
in I9S0 Net Income was determined alter including
0 gain cf 4.769 million irancs from me disposal ol
tne equity in ACC. and offer providing an additional
6.000 rr.iihcn (rones for «>niingencres on ihe
grounds 01 the risks involved in oil and gas relation
invesiMeJils us 0 whole.

Is was decided oi Ihe Meeting to maintain the
dividend al the same level as the previous year,
numt'iy a> 10.50 irancs per share ol 10 (rancs
nominal value, after taking into occounr me 5 for
1 share split during the year.

The net dwidend te payable against piesenlali&n
at coupon n B 27 hem Jufy 7. 1982. while the lac credU
(prepaid ton) amount to 525 francs per snore.

fi.

*

ii

COMPANY NOTICES

GENERAL MINING UNION CORPORATION LIMITED

(Incorporated in the Republic ot Sotilh Africa)

NOTICE OF GENERAL MEETING

NOTICE IS HERESY GIVEN that on tho inquisition at FedorslB Mynbou
Be park a General Meeting of the Company lor the purpose of amending
the Articles of Association will be held in Johannesburg on 5 August 1982.
Copies of the Notice convening e General Meeting era available from:

Gen cor (UK) Limited — Swiss Bank Corporation. Basle
Credit Suisse. Zurich — Lloyds Bank International (France) Limited. Peris
Haiders of Share Warrants ro Bearer wishing 10 receive a voting certificate
(with a farm of proey studied) must deposit their share warranu with one
of the above mentioned offices not less than five clear days before che said
meeting.

per pro GENCOR (UK) LIMITED
London Secrete lies
L. J. BAINES

30 Ely Place
London EC1N 6U/C
14 July 1382

NOTICE TO HOLDERS OF
EUROPEAN DEPOSITARY RECEIPTS
(EDRs) IN

NIPPON FIRE & MARINE INSURANCE
.CO.. LTD.

The 38th Ordinary General Meeting of
shareholder* of Nippon Fire & Marine
insurance Co.. Ltd. vrlll be held an
July ZZ, 1982.

AGENDA

1. Approval of Financial Statements and
proposed appropriation of retained eam-
tnas for the 38tn Fiscal Year (from
April 1. 198T id March 31. 1982).

2. Amendments no the Articles of Incor-
poration.

3. Election of 11 Directors.

4. Election of 1 Statutory Auditor.

5. Presentation of retirement allowances to
rearing Directors and Statutory Auditor.

6. Determination of remuneration for Olrec.
tors and Statutory Auditors.

(Full teat ot Notice Is available at
at! bank. N-A. London.)

Shareholder! who wish to etwrelse their
1101100 rights must deposit their certi-
ficates not later than July IS. 1982. at
the offices of the Depositary, citibank.
N.A.. 336 Strand. London WC2R 1HB

or the Agent. Citibank (Luxembourg) LA.,
16 Avenue Marie Thereat. Luxembourg,
together with Instructions Indicating the
way tbe shares be voted.

CITIBANK. N.A..
London Deoasttery.

July 15. 1B8Z.

NOTICE TO HOLDERS OF
EUROPEAN DEPOSITARY RECEIPTS
(EDRs) IN
U NY CO- LT D.

We are pleased to confirm that copies
of the Annual Repcrt tor the year ended
February 20. 1982 of UNY CO.. LTD., are
now available- to EDR holders, upon
application, at tbe offices of the Depositary,
do bank, N.A.. 336 Strand. London WC2R
1HB. and the Agent. Citibank (Luxem-
bourg) 5 .A.. 15 Avenbe Marie Therese.
Luxembourg.

CITIBANK, N.A.
London Depositary

July 15, 1982.

BARCLAYS BANK PLC

NOTICE IS HEREBY GIVEN that the
Board ol Directors or Barclays Bank
PLC wHI meet on Thursday. 5m August
1902. bo consider the payment or an
Interim Dividend.

_ P. 5. PERRY. Secretary
54 Lombard Street.

London. EC3.

1 9Ui July. 1982.

PUBLIC NOTICES

„ _ OLDHAM M.B. BILLS

£5 .Bin Bills from 14.7.82 to 13.10.82
at 11"i»%. Applications E39.8m.
outstanding.

BOROUGH OF LUTON BILLS
£1 .25m Bills tram 14.7.62 to- 13.10:82
at 11«i«» 0 . Ap nlics t ipns £9.75m. £1.2sm
outstanding.

THE CITY OF EDINBURGH ■
DISTRICT COUNCIL
£1.500.000 Bills Issued on 14th July 1382
V ra t*. gi_Jl to mature on 13Ui
„ To P' application* were
£10.500.000 and there are £6,4004100
Bills outstanding.

CLYWO COUNTY COUNCIL
£2.000,000 Bill. Issued 13tb July. 1982
a * 0«»bw. 1982. Total

?JSL Dl SsJ?K5*^}.J' 0 J 0 . 000 - Tdtal outstand-
ing £10.000,000 Buis.

,, , Cl TY OP STOKE-ON-TRENT
£1.100.000 Bills Issued 14Hf July. 1982
at 11 u u“. due 1 3lh October. 1982. Total
iB-OOD.OOO. NO other Elite

outstanding.

BOH OUCH or BLACKBURN

C9CW.O00 Bill! issuedl ;th July. 1982 at
I1»«e% due l3tn October, 1982. Total
aoo l^!n/!? fi s -5DO.OOD. No other Bills

Hi Doing.

MULTI-TRUST FUND SJV.

Societe Anonym* .

Luxembourg. 37, rue Notra-Deme
R.C. Luxembourg B 8-478 -

DIVIDEND NOTICE
At the statutory general moating
held on July 6, 1982 shareholders
approved tbe payment of a dividend
of USS0.28 per share payable on nr
after August 2, 1382 against sur-
render of Coupon No. 13.

Paying Agent: Kredietbank S.A.

Lunem bo u rgeoi se

43. Boulevard Royal, Luxembourg

MULTI-TRUST FUND S.A.

By Order of the Board
The Secretary

GEOFUND LIQUID ASSETS
DISTRIBUTION NOTICE

. NOTICE IS HEREBY GIVEN that tar
the six months ended 30th June, 1982.
> Distribution of USS7.15 per Income
Share is payable from 2tst July, 1982.
■ galmt presentation of COODOD number 2
at the undermentioned office at which the
published Report and Accounts are
available.

Holders of Accumulation Sharer are
hereby notified that their Interest In the
Trust Fund will be Increased In respect
of each Share held at SOth June. T9S2.
to 1.0873282 Undivided SHatcs-
Manuracturers Hanover Bank {Guernsey)
Limited.

Manufacturers Hanover House.

St_ Peter Port. Guernsey,

Channel Islands.

MANUFACTURERS HANOVER ASSET
MANAGEMENT LIMITED

a™ OP LIVERPOOL BILLS
£19.050.000 Bills due 1 3th October 1982
dated 14 July 1982 ware tendered tar at
an average rate of discount or 11.7121%
Per annum. These Bills were Issued to
Bills repaid on 14
J u, v 1982 and are the only Cfty of Liver,
pool Gills outstanding.

. JOHN HILL
Treasurer of the City

CLUBS

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policy of fair Play and value ler money.
Sunpor from 10-3.30 am. . Disco and top
musicians, glamm-ous hostesses, exciting
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Hanoverian nightclub - and Res.. 9.
Hanover Street. Wi. Where today’s busi-
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ing evening, charming and discreet danc-
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nSSSf nmen,led 10 r, " B on 91-408

OaDO.

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No membership needed.- 2 bars, dozens of
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Age-. Happy hour B-0 pm, if mtrirctl.
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us Mjvlw and ta*. Entrance tee U.7 3
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Start!? 01 - 8 ? 1 rsnt. 24 hour answer-

ART GALLERIES

ARTEMIS FINE ARTS (UK) LIMITED,
is. Duke Street. St James's, wi. Exhi-
bition of MASTER PRINTS AND DRAW-
INGS. Mon.-Frl. 10-5 until 23rd July.
Also WHISTLER ETCHINGS at 6a.
Mason s Yard.

COLNAGMI. 14. Old Bond Street. WI.
01-491 7408. DISCOVERIES FROM THE
CINQUECENTO. until 7 August Mon.-
FrL 10-6. SaL NM.

CRANE GALLERY. 171a (First Floor).
Sloane SL. 5W1. 01-235 2464. (In asso-
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ENGLISH COUNTRY ART and "AMERI-
CANA ' — Paintings, Furniture. Quilts.
Drcovs. etc. Dally tfl-6. Sals. 10-4.

CRANE KALMAN GALLERY. 17B. Bromo.
ton Rd- SW3. 01-584 7566. Works
by Nicholson. Sutherland. Lawry, Snear
Riper. Moore. Colqohouo. Ktt Wood.
Dally 10-6. Sats. 10-4.

LEFEVRE GALLERY, 30. Brutm SL. WI.
£1-493 1 572 3. XX CENTURY WORKS
OF ART. Mon.-Frl. 10-5.

MALL GALLERIES. Tbe Mall. SWl ,
SOCIETY OF GRAPHIC ART1ST5 Annual
.Exhbn. Dairy 10-3 (Inc. Suns.). Till
28 July. Adm- Free.

RICHARD GREEN GALLERY. 4. New Bond
SL. Wl. 01-499 5487. EXHIBITION OF
EIGHTEENTH AND NINETEENTH CEN-
JURY PR! NTS OF FLOWERS AND THE
LANDSCAPE GARDEN. Until 7th AugocL

ROYAL SOCIETY OF BRITISH ARTISTS
at the Mall Galleries. The Mall. SWl.
Annual Exhbn. Dally (Hie, Suns.) 10-S.
TUI July 2 1st Adm. SQp.

YTHtiTECHAPCL ART GALLERY. El. 377
8107. Tube Aldgate East. To 26 SeoL
SIR CHRISTOPHER WREN. Sun!-PrT.
11-S.50. Thurs. until 7^0 (Thors. 15.-7
SJ5). cl. SaL Admission £1 (SDu). free
children A Mondays 2-5.30.

PERSONAL

FACT

1 IN 5 OF THE PEOPLE
registered blind each
year under the age of *J5,
go blind because of it —

DIABETES

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BRITISH DIABETIC
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10 Queen Anne Street
London WIN OBD

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. FINANCIAL TIMES

PUBLISHED IN LONDON A FRANKFURT

Hewa, 10 C amwa Mmt, Lamm CC 4 P

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Fia%cfel-:.j'iinfiS Thursday July js . 1982

Rift opens over
calls for EEC

Lavilia one
step nearer

cartel Premiership

BY SUE GAM01ON, CHEMICALS CORRESPONDENT

MAJOR differences Of. opinion
over calls for an EEC “crisis
cartel” began .to emerge .last
night as some half-dozen of
Europe’* biggest companies pre-
pared for a meeting in Brussels.

The companies — Shell, Im-
perial Chemical Industries,
Hoecftst, Montedison, Solvay and
either Rhon e-Poulenc or Ato
Chimde from France— were due
to have talks with Viscount
Etienne Davigpon, the European
Commissioner for Industry.

No clear picture .of the dis-
cussions was expected to emerge
until later today, (hit at appears
that at 3 east three of the com-
panies — Shell. Hoechst and JCI
— are against setting up any-
thing like a cartel. "

The meeting was' apparently
called at the instigation of the
Belgian^ased Solvay and of
the French. Last night it was
not clear - whether . Ri\one-
Poulenc or Atp was attending

Earlier this summer, M
Jacques Solvay. head of Solvay,
and M Alexandre Mallat of Ato.
paid a private visit, to Viscount
Davignon to.talk about the need
for restructuring ... Europe’s
loss-making petrochemicals and
plasties industry. ..

M Solvay, whose company
lost BFr 995m {£12£m) in the
first half of last year, is known
as a keen supporter of an EEC '
initiative to- Solve .the problems
of European overcapacity. The
French Ministry of Industry is
also thought to favour ah EEC
master plan for, plant closures.

But the British and the. West
Germans, are . evidently, against
any such scheme. They seem to

have attended the meeting for
two reasons:

• To -keep a dose watch on any
proposals coming: from other
countries;

• To- try to persuade the Euro-
pean Commission not to

'interpret the competition laws
too fiercely. In .particular, they
would like to see the way
opened for product' portfolio
swaps - across national
boundaries.

Last night, the anti-cartel
companies were . * saying
privately that an EEC scheme
for. plastics and petrochemicals
restructuring would tie un-
workable for several reasons:

• The Italians— -and, probably,
the French companies— would.'
not co-operate in reducing their ,
production capacity. The “bur-
den of misery** would not 1 be
shared fairly. -

• U-S.-based companies with
major European petrochemical
and plastics interests would not
be able to take part because of
the U.Si anti-trust laws. "

.• The whole idea would involve
large-scale interference In the
industry's affairs by Brussels
bureaucrats. Some senior execu-
tives in the industry believe the
motive of companies like Solvay.
and Ato- in going to the Com-
mission is to* save ..themselves
from having to make unpalat-
able plant closures.

• Japan’s PVC plastic com-
panies -.are rationalising their
sales operations.

Japan’s plastic producers,
like those in Europe, are suffer-
ing from overcapacity, reduced
demand and weak prices.

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July 14, 1982

Federal Farm Credit Banks

The Thirteen Banks for Cooperatives
The Twelve Federal Intermediate Credit Banks
The Twelve Federal Land Banks

Consolidated Systemwide Bonds

1435% $575,000,000

SERIES-K 1985 CUSIP NO. 313311 HU 9

Dated Ju|y 20, 1982 Due January 21,15385

14.40%

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Dated July 20, 1982

$643,000,000

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Due April 20, 1987

Price 100%

The. Bonds are the secured joint and sev-
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Farm Credit Banks and are issued under the
authority of the Farm Credit Act of 1971.
The Bonds are not Government obligations
and are not guaranteed by the Government. "

BONDS ARE AVAILABLE “

IN BOOK-ENTRY FORM ONLY.

Federal Farm Credit Banks

Fiscal Agency

. 90 William Street, New York, N.Y. 30038

Peter J. Carney
fiscal Agent

. 77ifs announcement appears as a matter ofrecordmfy.

EUROPEAN NEWS

Dutch may reverse foreign gas sales policy

BY WALTER BUS IN -AMSTERDAM

By Robert Graham In Madrid

Sr LANDEUNO LAVHJLA has
moved one step closer to his
■. ambition- of becoming Prime
Minister ' of Spain with his
election to the -leadership of
the ruling Union de Centro
Democrat! co (UCD).

This ambition is the most con-
stant aspect of a politically
- . enigmatic man. •

With a . reputation for pre-
cocious success both in the
administration and in busi-
ness, Sr La villa, 47, hovered
In .the wings waiting for the
demise of Sr Adolfo Suarez,
the former Prime Minister,

. . and then presented himself
as the heir apparent. .

But be failed to step in when
Sr Suarez was forced to
resign from the two posts In
. January, 1931.

Sr La villa was one of Sr
Suarez’s most outspoken ,
critics, arguing that he bad
moved the party too far away 1
from its conservative eentre-
• right electorate. -
However, the -special party con-
gress in January. 1981 re-
jected Sr La villa because he
was considered too openly
associated with the conserva-
tive Catholic wing of the
- party and incapable of Unify-
ing it

' Also, Sr Suarez, even after his
resignation, had sufficient
control of the party appara-
tus to ensure that his suc-
cessor was his choice. The
pro-Suarez element only lost
out last November when Sr
Leopoldo Cal vo - Sotelo,
assumed the role of party
leader.

The about turn has been caused
by . a further shift to the
Right in the party and a need
to renew its image in the
wake of toe UGD's disastrous
showing in May polls for the
Andalucian Parliament.

& Lavilia was the choice of Sr
Calvo Sotelo, who resigned
last week from the job to con-
centrate on running the gov-
ernment

The continuing factions .within
the UCD ensured that only 66
per cent of the party’s
political committee endorsed
his candidature on Tuesday
night after two days of acri-
monious debate.

He is the fourth person to lead
the UCD since 1977 and be
has the difficult task of pre-
venting ' further desertions
and refurbishing its image .m
time for early elections in
' the autumn.

He demanded^- and was finally
• given — sweeping' special
powers which give him virtual
carte blanche to control dissi-
dents, monitor election can-
didates and even influence
Cabinet changes.

Since 1979, Sr Lavilia has been
Speaker of the House of Par-
liament a job he has con-
ducted with skill, impartiality
and on occasions a great flair
for speech making.

But as a politician on the cam-
paign-trail be lacks popular
appeal and suffers from a
natural aloofness. -
Having passed with honcras
through the top civil service
exams, he became, before the
age of 30, a senior executive
in Spain's largest bank,
Banesto, before going back
into the administration and
becoming a justice minister.

THE DUTCH Government is
considering' an increase in. its
sales of natural gas to existing
European customers. Last year,
gas exports fell to 42.8bn cm —
10 per cent lower than in I960
— and. a further fall of 13 per
cent was recorded for the first
quarter of this year.

A drive now to ‘boost sales
would represent s fundamental
change in. government flunking.
Since 1973, successive adminis-
trations have agreed that exist-
ingfi contracts should he
honoured but that no increase
in the volume of gas sold abroad
should be negotiated.

Indications that a change
may be in -prospect came from

Brussels, where Mr Willem
Xieleraan, . director-general of
the nergy department of the
Economics Ministry, told an
EEC meeti ng that falling gas
sales in the Netherlands last
year had made possible an ex-
pansion in foreign sales.

Further Signs of change in

the Dutch energy sector- came
with the ' announcement this
week that the Government has
yielded- to pressure from indus-
try and cut the cost of electri-
city to companies using more
than 30m kW per year. The
idea is to bring energy costs
in toe Netherlands closer to
those of West Germany and
France,

Mr Jan Teriouw, the Minister
for -Economic Affairs, announces
in a letter to MBs this week
that prices for large users is to
be cut from. July 1 by 4 cents
per KW from the present rate
of between 13-15 cents. . West
German and French companies
will still have a slight advan-
tage, but Mr Teriouw maintains
that the remaining 2 emits dif-
ferential is acceptable.

Some 50 large Dutch com-
panies are set to benefit from
the measure, which the Govern-
ment has agreed with the Asso-
ciation of Dutch Electricity Pro-
ducers (SEP). Mr Terlouw’s
decision to help them follows
a long protest campaign by

industrialists who say they are
having to pay twice as much per
KW as their West German com-
petitors. Some' foreign com-
panies have gone, so far as to
threaten to leave the Nether-
lands if nothing was done.

While industry has applauded
the Government’s latest action,
however, it does mean that the
Netherlands must use more of
its declining reserves of natural
gas to generate power. The
Government has already
decided to ease its own budget
deficit (standing at 9.75 per-
cent of national income) by
r eleasing a extra 12bn cubic 1
metres of gas to the power-
stations.

Now, it is to permit a further
8bn cubie metres to be used to
this way, thus providing short-
term aid to industry but only
serving to confirm the belief
that it is willing to use gas to
solve its immediate problems
rather than conserving it for
more gradual use

Following the second oil
crisis in 1977, Parliament
agreed that as much natural gas
as possible should be kept in
the ground, where it could only
increase in value. However, so
many power stations had
already been converted to gas-
firing that it was difficult to
implement the policy as fully
as bad been intended.

French employers take
bleak view of economy

FRANCE’S FIRST SPACEMAN, Col Jean-Loop Chretien (left), receives the congratulations of
President Francois Mitterrand at a Bastille Day garden party at toe Elysee Palace. Col Chretien
recently spent several days in space with two cosmonauts In a Soviet Soynz craft Earlier yes-
terday, M Mitterrand had celebrated France's national day with, a review of the navy's Mediter-
ranean squadron at Toolon.

BY DAVID HOU5EGO IN PARIS

THE FRENCH economy has : :
entered a new period of zero i
growth, says the employers’ 1
association in a bleak analysis i
of the outlook in the months :
ahead.

The employers see the. ;
present prices and incomes
freeze as putting a sharp brake
on the economy after the short- ;
lived recovery of 1981 and the i
early months of this year. The 1
impact on industry, they assert. ,
will be a sharp contraction of ;
margins and an increase in.
costs as a result of extra i
charges that companies are 1
being asked to absorb. ]

The analysis, published yes- :
terday, is partly an attempt to 1
influence negotiations about the 1
phasing of wage and price ■
increases when the freeze ends
on October 31. M Pierre
Mauroy, the Prime Minister, is :
meeting both employers and :
unions today in an effort to :
reach a consensus on a post- 1
freeze prices and wages policy.

The pessimistic view of indus- :

try was also reinforced jester
day by toe latest survey of
business opinion by Insee, the
official statistics institute.
Industrialists interviewed in
June foresaw a 5 per cent drop
in real terms in investment this
year.

Paradoxically, this is an im-
provement nn the 7 per cent
drop they expected in March.
The fall in investment is seen,
as .being sharpest in small and
medium sized enterprises.

Most adversely affected,
according to industrialists, will
be the consumer and inter-
mediate goods sector. They see
investment stabilising in heavy
electrical and transport equip-
ment hut falling in construction
goods.

The employers association
warn in their report that the
French economy will not be put
back on the rails until toe real
sources of inflation are tackled,
taxation of industry lowered
and the indexation of wages
modified.

More haste, more

% » *

m

Av \

. >

J

/h>

J/ ?

( t'J-

X

, <&

»*

Hong Kong. A surprisingly profitable investment.

The next most important thing to manufacturing goods efficiently and well is to send
them on their way with a minimum of fuss and bother.

And that's where Hong Kong comes into its own and why over 400 overseas companies
are now producing top quality goods here.

Communications from Hong Kongare as good, if not better, than anywhere else in the
world. We're served by 31 passenger and cargo airlines and more than 260,000 tonnes of
air freight moved through Hong Kong's full computerised system last year.

Hong Kong also has the third largest container terminal in the world, capable of
handling six third-generation container ships at any one time with an average 21 Vz hour
turnaround.'

But communications are just a part of Hong Kong's attraction foroverseas investors.

For example, corporation tax stands at a modest 1 6Yz%. There is no control over
company ownership, no customs duty and no restrictions on profits which can be freely -
converted into any currency. Add to this over a million skilled industrial workers and a
maximum salaries tax of 1 5% and you'll see why Hong Kong is one of the highest per
capita exporters of manufactured.goods in the world, b -h «■ jgr ms

So, if you’re considering Hong Kong as a home Igl

for your manufacturing operation.

contact us; We'll really speed things up. ® ■■ H

•' Hong Kong Department df Industry ;

Section 13,

Industrial Promotion Office, .
6 Grafton Street. London W1X3LB
Tel: (01)499-9821 Telex :28404

The Industrial Investment Advisers.

Financial Tiroes Thursday July 1& 19S2

AMERICAN NEWS

New bank governor
confident Argentina
will meet its debts

BY JIMMY BURNS IN BUENOS AIRES

ARGENTINA IS again building
up its foreign reserves and is
honouring its commitment to
international lenders, according
to Sig Domingo C avail o, the
new governor of the central
bank.

In a nationwide broadcast late
on Tuesday night. Sig Cavalo
said that between last Wednes-
daly. when the Government
announced its new economic
package, and the middle of this
week. the Central Bank
recorded a net inflow of some
5200m (£ 11 6m) in foreign ex-
change. thus reversing the trend
of the past two months.

Sig Cavallo did not detail the
current level of reserves,
although some bonks recently
estimated that they had fallen
to $2bn from a peak of S-Obn in
1979. He added that repay-
ments of over $S5m had been
made in the past few days.

Earlier this month General
Reynaldo Bignone, Argentina’s
new President, confirmed that
his Govxemment would seeE to
restructure the estimated S26bn
foreign debt in a “ way that is
compatible with its resources.”

Recent estimates suggest that
Argentine public and private
sector borrowers must repay or
rfinance about $12bn in foreign
debt this year. However, it is
widely accepted in Buenos Aires
that Britain wil have first to lift
its freeze on Argentine assets
in the UK before major talks
on commercial debt can get
under way.

Diplomats see the cessation of

hostilities in the South Atlantic
and the return of Argentine
prisoners of war as a "signifi
cantstep forward" towards the
eventual lifting of sanctions.

The Argentine Government so
far has not clarified what it
proposes to do with its foreign
debt. However, it is believed
to be continuing with its prac-
tice of paying interest payments
due to British banks into what
Argentina claims is an escrow
account in New York. Limited
repayments are meanwhile being
arranged with individual U.S.
banks.

Sig Cavallo said he was' opti-
mistic about a substantial im-
provement in Argentina’s
balance of payments and a con
trolled budget deficit, thus
avoiding the hyperinflation
widely predicted by the Govern-
ment's critics. He was speaking
a few days after the' Govern-
ment announced a 21 per cent
devaluation cf the peso and
major financial reforms

The devaluation, along with
strict controls on imports, would
lead to a substantial trade sur-
plus, while the lowering of
interest rates and the lengthen-
ing of terms for deposits would
ensure greater stability within
the banking system and stem the
bankruptcy of industrial con-
cerns, Sig Cavallo said.

The Government is currently
in discussions with the country’s
main employers' federation, the
Union Industrial Argentina
aimed at an agreement on price
controls for the rest of the year.

Falkland development
campaign launched

by james McDonald

AN UNNAMED U.S. company,
wihch was interested in a
scheme to harvest the huge kelp
(seaweed) beds in the Falkland
Islands before the Argentine
invasion, is still keen on costing
the project, according to Air
Commodore Brian Frow,
director general of the Falkland
Islands Office, in London yester-
day.

Air Commodore Frow was
launching a world-wide informa-
tion campaign by the Office — a

non-government organisation —
to emphasise the economic
potential of the islands.

He declined to name the U.S.
company, but he said that
“strong interest” in possible
development in the Falklands
had been expressed recently by
abo.ut 30 concerns, some of them
very large.

“Prospects for the Falkland,
Islands " plus information bro-
chure. Falkland Islands Office,
2. Greycoat Place, London, SW1,

£ 2 . - - -

Patricia Cheney in Washington reports on how the end of one ERA marked the beginning of the next

Higher political awareness in fight for equal rights

A GROUP of women drew blood
from each other's arms with a
hypodermic needle and spilled
it over a copy of the U.S. Con-
stitution. ■ Red paint was
splashed over the facade of the
National Archives in Washing-
ton. A nun was arrested.

Thus a handful of diehards
mourned the demise on June 30
of the proposed Equal Rights
.Amendment (ERA) outlawing
sex discrimination in the U.S.
The decade-long fight to add a
27th Amendment to the Consti-
tution had failed, three states
short of the two-third majority
needed for ratification.

In Washington, the night
before Phyllis Schlafly. house-
wife-tumed -activist and arch
foe of the ERA held a party to
dance on its grave. She
triumphantly announced to her
guests that the ERA was “ dead
for now and forever in this
century.”

Yesterday, however. ERA sup-
porters proved that while they
might be down, they were
certainly not out. An identi-
cally worded amendment
“equality of rights under the
law shall not be denied or
abridged by the U.S. or by any
state on account of sex” was
re-introduced to Congress by
170 co-sponsors in the House
and In the Senate.

Legislatively, the ERA now
stands at precisely the same
point it was in March 1972
when it was first voted upon in
Congress. It passed easily, and
20 of the 35 states that eventu-
ally. ratified the Amendment

did so in the first three months
after it was submitted.

Despite frantic activity on the
part of ERA suppotrers. and p
three-year - extension of the
original seven-year deadline,
only 13 more states ratified the
ERA before June- 30, the last
doing so in 1877.

The struggle for the Amend-
ment has been fraught with
many bitter political lessons for
feminists, who entered the
arena confident that right would
prevail over might. But for all
their moral fervour and impas-
sioned rhetoric ERA supporters
emerged from the “raging six-
ties” with precious little poli-
tical savvy.

They employed the tactics of
the radical left, and while they
certainly grabbed headlines,
they also earned .a reputation
for extremism and shrillness.

The feminists also managed
to alienate a great proportion
of their own constituency:
women. “Fink collar ” workers
in clerical positions, housewives,
women in minority groups and
those who had' already stormed
tiie bastions of male power were
all put bn the defensive by
feminist ideology, which either
denigrated or totally ignored
their positions.

The political naivete of many
feminists gave the conservative
opposition plenty of opportunity
to ptay on people’s worst fears.
The ERA, it was argued, would
destroy the American family,
“ constitution akse ” homosexual
marriages, and lead to' such

53558

GRji - ■ S*

l.-i. * .. .- .

Demonstrators outside President Reagan’s Chicago hotel last
year. The political maturity of the Equal Rights Amendment
backers has yet to erase the popular conception of feminists
as bra-burners and soapbox Valkyries.

anathema as female . conscrip-
tion, unisex lavatories In public
places, loss of child support pay-
ments and the like.

Bqt there was opposition
from the moderates, too. Con-
stitutional purists argued that
the founding fathers had al-
ready stipulated equality for all,
and that their hallowed docu-
ments should not be gxatazi-
tously tampered with.

ERA backers responded that
the existing Constitution was
all very well and good, except
that the judicial system was
obviously falling to uphold
women’s rights.

Instead of highlighting the
very real advantages of an
Amendment which would rectify
many discriminatory laws in-
volving property rights, inheri-
tance taxes, sexual harassment

in the workplace and unequal
pay -scales, ERA supporters
retaliated by defacing the
facades of public buildings with
pro-ERA slogans or throwing
cream pies at state legislators.

It was only , in the last two
years that the mainstream of the
women's movement realised it
h3d to learn a lesson or two
from the well-oiled political
machinery of its arch rivals on
the extreme right.

“We are no longer outsiders
to the political process, wringing
our hands and crying for our
rights,” said Kathy Wilson,
director of . (he bi-partisan
National Women’s Political
Caucus (NWPC). Women have
to learn how to campaign,
raise money and marshal public
opinion to affect the legislative
process directly, she said.

The NWPC has decided to
beat the conservatives at their
own game. Adopting the strategy
of groups like the National
Conservative Political Actions
Committee (NCPAC), it has
targeted 12 state legislators
(dubbed the ‘'dirty dozen”)
for defeat In the coming Novem-
ber elections. The Caucus, with
more than 60,000 members,
hopes to spend over Sim In an
attempt to elect candidates
sympathetic to the ERA to state
and federal office.

The largest women’s group In
the U.S., the National Organisa-
tion for Women (NOW), has a
more ambitious “hit list” of
137 Republicans who voted
aaginst the ERA.

Other women’s political

organisations,' such as Women’s
Campaign Fund- and Business,
and Professional . Women, arc
planning to raise hundreds of
thousands of dollars to contri-
bute to candidates who support
the ERA. The Lcauue of
Women's Voters, a aattemride
group with a membership o?
100.U00. plans to seek support
for the ERA among already
elected Congressmen, both in
Washington and in individual
constituencies.

A CBS /New York Times poll
released on June 1 . 30, the day
the ERA died, revealed that not
only are women voting, at , a
much higher rale than ever
previously, their attitudes are
also beginning to differ
radically from men's.

For example, women In the
age group IS to 4-t arc a third
more likely than men -to cal!
-themselves Democrats, . the
party which most strongly sup-
ports the ERA. Another signi-
ficant finding is that much of
President ! Ronald Reagan's
recent drop in the polls is due
to the ebb in his support among
women. Only 41 per cent of
women approve of Mr Reagan's
joh performance, against the
male rate of 50 per cent.

There will probably be no
time to take any legislative
action on the -re-introduced
Amendment in the present Con-
gress, which adjourns in
August. In November the
entire House of Representatives
will run for re-election. The
resulting Congress will deride
ERA’S future

Shultz confirms Taiwan
arms supplies to continue

BY REGINALD DALE, U.S. EDITOR IN WASHINGTON

MR GEORGE SHULTZ, the U.S.
State Secretary designate, yes-
terday pledged that the. U.S.
would continue to provide Tai-
wan with defensive arms, with
no time limit, as long as Tai-
wan needed them.

On the second day of his con-
firmation hearings before the
Senate Foreign Relations Com-
mittee. Mr Schultz came under
intense questioning on Taiwan
from Mr Barry Goldwatcr, the
Right-wing Republican Senator
The UR. is committed in the
1979 Taiwan Relations Act to
supply the arms necessary for
Taiwan's defence, an act which
Mr Shultz said yesterday he
would obey. But recent reports
have- suggested that Washing-

ton may be trying to reach an
agreement with Peking on phas-
ing out arms sales to Taiwan.

Mr Shultz said that he would
support prompt action to avoid
a break in the production line
of F-5E fighters for Taiwan,
which Washington has said it
will extend beyond its origin-
ally planned mid-1983 deadline
for closure. . .

He made no specific mention
of the more advanced fighters
that Taiwan has requested, and
the State Department later said
that U.S. policy on arms sales
to Taiwan remained as stated in
January, when President Rea-
gan turned down Taipei’s re-
quest for the more sophisticated
jets.

Chile launches
bank debt plan

By Mary Helen Spooner In
Santiago

CHILE’S CENTRAL BANK has
offered to take charge of private
banks’ overdue loans and bad
debts, in an effort to shore up
ailing financial institutions and
encourage a decline in interest
Sr Miguel Kast. President of
the Central Bank, said banks
and finance companies would he
offered Don-transferable bonds
in exchange for their portfolios
of uncollected loans and high
risk debts, which may he
cashed in accordance with the
Central Bank's collection
successes.

As of April 13, Chilean finan-
cial institutions faced bad debts
totalling approximately $9 50m
or 54 per cent of the banking
system’s capital and reserves.

Congress overrules Reagan veto

BY ANATOLE KALETSKY IN WASHINGTON

BOTH the House of Represen-
tatives and Senate voted over-
whelmingly late on Tuesday for
the extension of a copyright
law which was vetoed earlier
this week by President Reagan
on the advice of his trade
officials. '

The vote was the first Con-
gressional override of a presi-
dential veto since Mr Reagan's
election, and the law, which
dates bade to 1891, will now* be
extended for four years.

The law requires all literary
works written in English by
American authors to be printed
in the UJ5. if they are to enjoy
full copyright protection. Its
expiry this year -would have
placed at ride many jobs in the
printing and book production in-
dustries.

President Reagan's trade offi-
cials strongly opposed the re-
newal of such an . openly pro-
tectionist measure at a time
when the UR. is trying to re-
duce non-tariff trade barriers in
overseas markets.

But the President's decision
to veto the Bill was not backed
by the sort of strong White
House lobbying which followed
the seven other vetoes which
Mr Reagan has imposed during
his Presidency. . Partly as a
result of this, both Houses of
Congress overrode the veto by
far more than the constitution-
ally required two-thirds mar
gins. Voting in the "House of
Representatives was 324-S6 and
in the Senate S4-9.

The scale of the rebellion
against President Reagan's veto

was attributed in part to a re-
port produced last year by the
Department .of Labour, which
said that expiry of the manufac-
turing limitation in the copy-
right law. would mean the loss
of up to 172,000 jobs in the
printing industry, and up to
367,000 jobs In ail industries
associated.

In the Congressional debate.-.,
the Far East was. portrayed ,Ij
the major potential beneficiary
from abolishing the pnntlnr;
limitation. '•

Mr Peter Rees, the UK Trade
Minister, said in Washington
recently that major European
interests were at stake.

The British Printing indit»
tty. has estimated that *ori-'
£40m of business may be lost to
the UK -

winning c
will to

Bouygues is a group comprising 46 domestic
and foreign subsidiaries involved in all phases
of building, civil works, offshore works, -
property development and engineering.

The Group has a total workforce of 25,000
people, including 4,000 engineers and
technicians, posted in France and throughout
the world. Experts head teams in all fields:
scientific research, engineering, planning, data
processing, estimating, design and works,
axnoung others.

Bouygues’ know-how and technology have been
applied throughout the world, serving stare-of-
tbe-art projects of true international stature:

• University of Riyadh (1,000,000 m- of floor
surface area) - Saudi Arabia;

• Lagos thermal power station (1,200 MW) -
Nigeria;

• Bubiyan bridge (2,5 km deck with a precast,
threedimensional truss and external prestressing)
- Kuwait;

• Development of offshore oil fields near

Cabinda - Angola; _ -

• Dar-es-Salaam international airport -
Tanzania;

m Technical institute of the university of
Yamoussoukro - The Ivory Coast;

• Numerous urban development
and housing construction projects
throughout the world.

Highlights

Forecast turnover of the Group for 2982:14 billion French francs.

BOUYGUES GROUP ft rml/toiu o/Jrmcj)

J980

.1981

Variation

Turnover (tax Inclusive)

7.615

10.532

+ 3S %

Net earnings

151,3

218,7

+ 44%

Cashflow

296,3

406,5

+■37 %

Investments

257,7 !

442,0

+ 72%

INCOME PER SHARE {ui francs)

Consolidated cash flow per share

102,7.

' 140,3

+ 37%

Consolidated net earnings per share _

'52,4.

75,8

+ 44%

Dividend per share, including tax credit

21,8

31,5

+ 44%

BOUYGUES - Joint-stock company "with registered capital of 288,400,000 FF
381 avenue du General de Gaulle - 92142 Ciamart cedex FRANCE Tel.: (33-11 630-23-11 - Telex: 250 637 F

This announcement appears as a matter of record only.

NEW ISSUE

June 19S2

NORDISKA INVESTERINGSBANKEN

(NORDIC INVESTMENT BANK)

10,000,000,000 Japanese Yen
8.4% Bonds Due 1992 - First Series (1982)

Daftva Securities €6. Ltd.

The NIkko Securities Co., The Nomura Securities Co~ Yamalchi Securities Comnanv

Ltd-. Ud. limited * J9

New Japan Securities Co., Ltd.
Sanyo Securities Co, Ltd.

The NipponKangyo Kakumam Securities Co., Ltd.
Wako Securities Co., Ltd. Kokusai Securities Qx, Ltd.

Merrill Lynch Secures Company, Dai-ichi Securities Co., Ltd. Qkasan Securities Co., Ltd.
Osakaya Securities Co„ Ltd. Tokyo Securities Co, Ltd. , Yamatane Securities Co., Ltd.

Bache Halsey Shields (Japan) Ltd, Smith Barney, Harris Upbam International Incorporated,

_ _ ■ Tokyo Branch

The Ciriyoda Securities Co., Ltd Hinode Securities Co., Ltd Kbyanagi Securities Co., Ltd
Marusan Securities Co., Ltd Meiko Securities Co., Ltd • The Toko Securities Co., Ltd.

Toyo Securities Co., Ltd Vickers da Costa Ltd,; Icbiyoshi Securities Co., Ltd

The Kaisei Securities Co., Ltd. Kbsei Securities Co., Ltd Maniman Securities Co., Ltd

Mito Securities Co., Ltd Naigai Securities Co.,' Ltd The NationalTabayashi Securities: Co., Ltd.
Nichiei Securities Co., Ltd The Nippon Securities Co. Ltd. Tkkagi Securities Co., Ltd
Towa Securities Co., Ltd Utsumiya Securities Co., Ltd - . . - Jardine Fleming (Securities) Ltd

Tofov Branch

Algemene Bank Nederland N.V.

Credit Suisse First Boston Limited
Manufacturers Hanover limited
Post-och Kreditbanken, PKbanken
Swiss Bank Corporation International limited

Bergen Bank A/S

Copenhagen Handelsbank A/S
Deutsche Bank, Aktiengesellschaft
Orion Royal Bank Limited - - Postipankki

. Salomon Brothers Inc
S^G. Warburg & Co. Ltd

I

I

I

i

I

i

»

Or to be more exact,
the 5 lumbar vertebrae.

It's iti this region, the

50 miles can begin to feel

car seat .. ..

So, as the driver of a

- •' v

seat squab can be inclined
And the back goes
back to almost horizontal
It goes far enough
forward to suit short
drivers. (And naturally it

iwjfsss

miles a year more than
the average driver, we 5 ve
gone to great lengths to
ensure our seat is anything
but ordinary

Before we called in
the designers, for instance.

.jf

us on

.

i *.
■

’’ '•

■

■

And when the temp-
erature outside fills below
14°C, it even goes from
cold to hot

(Well, Yolvos are built
to survive thebitter winters
of Scandinavia.)

Of course,we wouldiit

^ ; ^ pect you to choose a

backa&e. Andhcwto make along drive dopa^^ to give you the

motorway feel as comfortable as a drive aro^ v ^

the block. ' vOUfO

The result made a lot of other car mmufafe ^ ^ about Volvo.

urers sit up. ■ • - _ , ; ; ;; £ ; Giastorrier Services, Lancaster Rd.,

The Volvo car seat has a unique lumbar 3PN.
support that canbe adjusted by the turn ofa.knob^; ; ; "S • : ■

to cradle the small of your back. Either sqpy ca: V • n

■fi-rrrvhr ■ -i 1 • .. - V . /-* i

There is no limit to the number ofwaysThe |

;V ppjfTccnpTUF IQRg VOLVO 500 SALOONS START AT £ 699 ft ESW 65 ATE 7885 (EXEiTONSDELIVERY & HUMB£ltPL^g/toHSC^gl|gT^n

liiTostGod<

6

Financial Times Thursday July 15 1382

OVERSEAS NEWS

Little ebb in deep tide of U.S. affection for Israel

BY ANATOLE KALETSKY IN WASHINGTON

IF THE U.S. is annoyed with
Israel, it is only in the manner
of an over-indulgent parent
worrying about the tantrums of
a spoiled child- U.S.-lsrael
relations may be at their lowest
ebb for 25 years, as Senator
Charles Percy, the chairman of
the Senate Foreign Relations
Committee, said recently, but
even today U.S. affection for
Israel runs deep.

This does not mean the U.S.
approves completely of Israel's
behaviour in Lebanon. Mr
Alexander Ha is, Israel’s
staunchest friend in the Reagan
Administration, lost his job in
part because he disagreed with
the White House about the style
and degree of U.S. supporL
Israeli loobyists Confess to
being alarmed by the public
concern about Israeli violence
shown every night on the U.S.
nation's television screens.

Mr Menahem Begin, Israel's
Prime Minister, has undoubted-
ly managed personally to alien-
ate powerful figures in Con-
gress. During his lunch with the
Senate Foreign Relations Com-
mittee last month he appar-

Right-wing
party may
join Begin
government

By David Lcnnen in Tel Aviv

THE EXTREME right-wing
Tehiya party is planning to
join the coalition government
of Air Men ah era Begin, (he
Prime Alinister. which
currently controls only a very
slim majority in the Knesset.

If Tehiy&'s three Knesset
members are accepted Into
the coalition, Air Begin will
command a comfortable 64
ont of the 120 seats in parlia-
ment

Since the war in Lebanon
began, pressure has been
mounting within the Tehiya
(Renaissance) party to join
the coalition. This stemmed
from rising concern over the
growing and vocal opposition
by various groups within
Israel to the invasion of
Lebanon.

The party leaders are
former loyalists of Air Begin’s
Herat party who deserted him
when he agreed to evacuate
the Sinai peninsula in
exchange for a peace treaty
with Egypt. Air Begin is
apparently willing to offer a
cabinet portfolio to the
Tehiya leader. Professor
Ynval Necman.

The Government suffered a
major blow just before the
war when two members of
the ruling Likud block quit to
join the opposition Labour
Party.

However, in the past two
weeks two members of the
defunct Telem party,
originally founded by the late
Air Moshe Dayan, joined the
coalition, restoring its slim
majority in the Knesset
If the negotiations with
Tebfya succeed, the prospects
of early elections, which had
been spoken about prior to
the war, will fade. It would
then be increasingly likely
that Mr Begin would serve
the fall four yeans of his
second term in office, which
began after last June's
general election.

One key condition for con-
vincing Tehiya to join the
coalition would be a willing-
ness on the part of the
Government to commit Itself
to expanding Jewish settle-
ments on the occupied West
Bank and Gaza Strip,

entty displayed a degree of
arrogance and chutzpah winch
shocked even the Senators from
cowboy states with robust stan-
dards of verba! repartee.

Mr Moshe Arens, the Israeli
ambassador to Washington,
gave the public at large a taste
of the same treatment last week-
end in his response to questions
about the use of cluster bombs
against civilians. He bafcBy
asserted that Israel bad made
efforts “unprecedented in the
annals of the history of war-
fare ** to protect civilians from,
harm in its campaign against
the PLO.

Yet. despite all the verbal
and moral provocations, neither
the Government nor the people
of the U.S. appear to have
shifted enough to make any
practical difference to their
basic loyalty to IsraeL

As a senior member of the
Congressional Foreign Relations
staff put it: “As Israel's objec-
tives kept expanding the mood
in Congress became angrier.
There is now a lot of frustra-
tion with Begin and Sharon
(the Israeli Defence Minister)

personally. But there is no
change in the underlying sup-
port for IsraeL I doubt if you
will see us changing our votes
on aid or arms sales. And there
is no real movement on the
PLO question. A few Congress-
men have always been in fav-
our of making contact with them
and they are the same guys
that are stSl in favour now.”

The opinion polls convey the
same message. Despite an un-
usually low number of letters
to the State Department sup-
porting Israel (the ratio of
letters in favour of Israel’s in-
vasion to those against has been
been only six to four), the polls ,
suggest that the public’s basic
support of Israel and its loath-
ing for the PLO are both as
strong as ever.

To a large extent the U.S.
public probably takes its lead
from the politicians. Indeed the
polls which have asked for
judgments specifically on ’the
invasion have borne this ont
For example. 50 per cent of the
U.S. apparently believe that
Israel was wrong to invade

principle opposed to all " uni-
Lehannn in the first place, com-
pared with 24 per cent who
approved of its action. But now
that the invasion has taken place
a pluraliy of 45 to 31 per cent
believe that the Israelis should
stay in Lebanon until the PLO
and Syria leave.

This reflects the Reagan

Administration's own ambival-
ence precisely. Nobody in the
Administration, not even Mr
Haig, was particularly happy
when Israeli troops went into
Lebanon. But practically every-
body now believes that the
Israeli occupation has created
new ''opportunities” which
must not be sacrified by.
prematurely pressing Israel to
withdraw. '

This is a consensus view in
the Administration which even
Mr Caspar Weinberger, the
Defence Secretary, the one
strong sympathiser with the
Arab cause, has never openly
challenged. He has confined -
himself to quoting repeatedly
the example of the Falkland* in
order to remind his colleagues

that the Administration is in
lateral use of force to change
the status quo ante.” President
Reagan and Mr William Clark,
his increasingly powerful
national security adviser, have
paid no attention.

According to officials famili ar
with their views, the President
and; Mr Clark have drawn, other.

lessons from the Lebanon

crisis: It has confirmed their
view that Israel is the only aHy
in the Middle Bast strong
enough, both militarily and poli-
tically, for the US. to rely on
(“The most effective rapid
deployment force file UJS. could
possibly hope for.” is how one
policy expert described, it)

In .addition, Israel's spec-
tacular military success, the
demonstrated superiority of
U.S. over Soviet-made arma-
ments and the destruction of trie
FLO has provided a unique
opportunity for the U.S. to
eliminate Soviet influence in
the region and establish itself
as a peacemaker.

Hie Administration’s Arabists,
like Mr Weinberger and

perhaps Mr George Shultz, the
Secretary of State designate,
would prefer to emphasise the
last of these lessons. Another
hopeful sign, for U.S. peace-
making efforts is that the U.S.
public is more aware than ever
before of the Palestinians? need
for a homeland.

Yet it takes a huge, and at
present unwarranted, jump
from these premises to the con-
clusion that the Administration
is drawing nearer to the PLO
or preparing to recognise it (at
least in - anything like its
present Asm) as a legitimate
representative of trie Pales-
tinian people.

Administnrtiaa officials have
vehemently denied reports that
President Reagan may talk
directly to trie PLO if Mr Begin,
continues to obstruct efforts to
relieve the siege off. Beirut.
Their denials ring true because
they also blame trie Arab states,
not Mr Begin, for blocking a .
peace forzmda by refusing to
accept trie 6,000 PLO fighters
trie Israelis want moved from
west BedrnL

“The brutal cynicism with

which the entire Arab world is
trying to force the Palestinians
to stay in Lebanon and get
killed— that is the real story of
the whole Beirut crisis.” says
one official, if Mr Philip Habib
eventually concludes that there
is no way of evacuating the PLO
guerrillas from Lebanon, the
Reagan Administration will
accept Israel's right to deal with
them in its own way, this official
adds. Only if Mr Begin under-
cuts Mr Habib's mediating
efforts while there Is still some
hope of peace will there be a
real rupture between the U.S,
and IsraeL

If this assessment Is correct,
Mr Begin will have to be a lot
ruder to U.S. politicians, Mr
Weinberger wiH have to be
much more persuasive about the
benefits of Arab friendship and
the Israelis will hare to spill
more blood in front of the tele-
vision. cameras, before President
Reagan and the U.S. public can
be persuaded to stop giving
Israel everything it asks for and
lanuch U.S. Middle East policy
in a genuinely new direction.

An Iranian invasion of Iraq could have serious consequences for Western traders : FT writers report

JAPAN

ITALY

FRANCE

Fears for construction contracts Threat to
as oil disruption hits trade

BY RICHARD C. HANSON IN TOKYO

booming

exports

Co-operation likely
to be affected

JAPAN is taking a cautious
view of the worsening situation
in the Gulf, not least because
Iraq is the chief source of con-
struction contracts for Japanese
companies in the Middle East.

Contracts last year were down
from a 1979 peak of Y236.2bn to
Y121bn (£536m-£275ra) but this
still represents more than half
of the Y218bn in contracts it re-
ceived from the Middle East
New contracts this year will fall
dramatically as a result of Iraq’s
troubles.

The situation is being compli-
cated by Iraqi requests to draw
down funds from the nearly
YOOObn, in official aid which
Japan pledged to make avail-
able in the mid-1970s. Iraq
showed little interest in using
these funds until last year, when

UNITED KINGDOM

its own finances were being-
squeezed by the war.

According to the Ministry of
International Trade and Indus-
try (Miti), only about YI40bn
has been disbursed for various
projects. Miti, however, for the
moment is reluctant to agree to
further disbursements as a re-
sult of recent developments in
the war.

Last year Iraq ran a heavy
deficit in its two-way with Japan
because of a halt to oil ship-
ments from January to April.
Japan’s imports from Iraq
plunged to $1.01 bn (£586m) or
less than one-third the 1980
total. Japanese exports to that
country jumped 46 per cent to
$3^bn.

A large portion of the oil that
Iraq contracted to sell to Japan

is being provided by Saudi
Arabia. The shift began in
April after Syria closed an.
Iraqi pipeline running through
its territory.

Japanese imports from Iraq
last month were about half the
May total ($87m versus $16 1ml
as a result of the disruption of
oil shipments. Of the 100,000
barrels per day Iraq is to sup-
ply under a long standing con-
tract, only 25.000 b/d is still
flowing through a pipeline
across Turkey.

Saudi Arabia has agreed to
supply an additional 35.000 b/d
to several Japanese companies
to make up for part of the short-
fall Syria closed its leg of the
Iraq pipe on April 9.

Baghdad import policy hits sales

BY PAUL CHEESER1GHT, WORLD TRADE EDITOR

BRITISH exports to Iraq have
fallen off in recent months. The
surge evident last year and into
the first quarter of 1982 has
been checked by changes in
Iraqi import policy to take into
account domestic inflation and
the fi nan dial constraints caused
by the war with Iran.

Resum p don of the growth
was not expected until next year
at the earliest and that assumes
there is no fundamentalist revo-
lution in Iraq. Major project
orders this year are virtually
ruled out and had been ruled
out even before Iranian troops
crossed the border.

But the UK was a relative
latecomer to the major project
contracts in Iraq. This has
meant that its stake in the
country is largely in liquid
form.

UK plant assets are largely
confined to the equipment
needed by John Laing Inter-
national and Keir International
which are engaged on road con-

tracts worth £65m and £117m
respectively.

This would tend to suggest
that the Export Credits Guaran-
tee Department, in the event
of the closure of the market
because of the war, would be
able to keep the level of claims
down to manageable propor-
tions.

Most British business has
been done on cash or letter of
credit terms, reflecting the basic
wealth of the market It has
only been recently that Iraq
has appeared interested in
credit, and that only for major
projects.

Latterly, however, the amount
of new business passing through
the ECGD appears to have
tapered off sharply. Probably
this began in the second
quarter.

Daring the first three months
of the year, UK exports were
worth £191.6m. following a
doubling of sales in 1981, when

exports are estimated to have
been worth £650m. Sales were
concentrated in the machinery,
chemicals, vehicle, telecom-
munications, medical and
pharmaceutical sectors.

By contrast, Iraqi sales in
the UK had dwindled to £4m
in the first quarter of this year.

Although British businessmen
are officially being advised to
avoid Basra at the moment,
they are not being discouraged
from going to Baghdad.

It is noted that one of the
reasons for the surge in exports
last year was the fact that
British business did not desert
the market at the start of the
war with Irian.

In fact, there axe no signs of
diminished interest. Last
autumn 130 companies exhi-
bited at the Baghdad inter-
national fair, Iraq’s trading
window to the world. This
year there are applications from
170.

By James Buxton in Rome

THE POSSIBLE collapse of
the Iraqi market, as the con-
. sequence of the war with
Iran, would be a had blow for
Italy- Despite a decline in the
number of new orders in the
past year, Italy has important
contracts with Iraq, and last
.year nearly doubled its
exports there.

Italian exports to Iraq rose
from LSI4bn (£340m) in 1980
to L1337bn (£640m) last year.
In the period Iraqi exports to
Italy remained static at
L2.460bn, made up almost
entirely by oil sales.

Italian contracts have
focused on civil engineering
projects. But most of these
contracts were to end In 1981
or 1982. Despite the interrup-
tions initially caused by the
war. which began in 1980. the
contracts have been or are
being finished.

' Moreover, there have 'been
few new contracts to keep the
' Italian contractors busy, as
Iraq has slowed orders

But last year a consortium
of Italian construction com-
panies won a $600m contract
to build a dam on the
Euphrates at Mosul in associa-
tion with West German com-
panies. The Italian companies
are Italstrade (a state-owned
group), Cogefar and Im-
pregilo (both private sector).

Late last year Pirelli, the
cable manufacturer, won a
contract worth $50m for the
supply and installation, of
high tension power cables for
the city of Baghdad. The
installation is to be carried
out by a British subsidiary of
Pi relU. Pirelli Construction.

The most impressive con-
tract Italy currently has with
Iraq is a deal worth $L8bn
for the supply of 11 warships
and a floating dock for the
Iraqi navy. The agreement
was signed late in 1980 and
authorised by the Italian
Government in March 1981.

Work is -under way at the
yards of the state-owned ship-
building concern Cantieri
Naval! Riuniti

BY DtAVtD MARSH IN PARIS

FRANCE looks likely to be one
of toe Western countries most
seriously affected by any period
of political and economic dis-
ruption in Iraq following the
invasion by Iran.

A string of French companies
have built up substantial export
contracts with Baghdad, which
is now France’s fifth biggest
trade customer outside Europe
and toe U.S.

French companies active in
Iraq— particularly on heavy in-
dustrial and infrastructure pro-
jects— have plenty of experience
of dealing with disturbances in
the region.

Many large corporations took
steps to bring back personnel
working in toe country when
hostilities between Tehran and
Baghdad broke out 22 months
ago.

Recently, however, there have
been signs of business returning
to normal. M Michel Joberr.
France's Minister of External
Trade, underlined his country’s
willingness to develop trade
with Iraq during a visit to
Baghdad last autumn.

His Iraqi counterparts used
the occasion to express interest
in acquiring French technology

WEST GERMANY

in two sensitive fields— military
hardware and nuclear energy.

The visit was followed, at the
beginning of this year, by the
.signing of a FFr4bn (£400m)
order for the purchase of
French artillery. Iraq has also
bought 60 Mirage F-l fighter
jets, and has been given assur-
ances that toe Mitterrand gov-
ernment is ready for fresh arms
deals.

Additionally. Frencb-Iraqi co-
operation is underway in toe
rebuilding of the Tamuz nudear
reactor destroyed by toe Israeli
air force in June last year.

Iraq took FFr 7 .9 bn (£658m)
worth of French exports last
year, making it lSth in the
league table of overseas cus-
tomers. Among the French com-
panies with active interests are
the engineering group Creusot
Loire, whose subsidiaiy. Spie-
Ratignolles, has been building
Baghdad’s new airport Work
was already interrupted in the
autumn of 1980 when the Gulf
war started.

Bouygues, the construction
concern, which recently was
congratulating itself on its only
modest exposure in Iran— will
also be affected by any trade dis-
ruption.

Companies are firmly
committed despite war

BY ELGIN SCHROGDER IN BONN

IRAQ EMERGED last year as
West Germany’s most important
market in toe Arab world as
exports doubled over 1980 to
DM 6.5bn (£1.4bn). Orders
won by toe construction indus-
try alone came to DM ‘5bn,
making Iraq its most important
foreign market
Among toe bigges Iraqi pro-
jecs in which West German com-
panies have been involved since
1980 are the Masul hydro-
electric dam and Basra Airport
as well as long stretches of
motorway, cement works, hos-
pitals and trade schools.

More than 120 West German
companies maintain offices in
Iraq, testifying to a firm com-
mitment despite the war. But
total private investment came
only to DM 3.3m at the end of
1981.

The bulk- of West German ex-
ports are cars, engines, elec-
trical goods, chemicals, iron -
and ironware. In the first
quarter of this year sales were
valued at DM 2-lbn, double
that of the 1981 firet quarter.
This level of sales is thought to
safeguard 35.000 jobs in West
Germany. •

Gulf war
poses fresh
questions
in Lebanon

By Jam** Buchan Tn Beirut

ISRAELI aircraft Sew. over
Beirut yesterday morning, as
H to remind the inhabitants
• of the city, and panfculariy
the Palestine Iteration
Organisation and Its armed
strength, that it retains
military options that Include
bombing from the air despite
the three-day ceasefire.

But the Israel action,
harmless as H seemed, was
quite overshadowed by the
news that Iranian forces bad
crossed Into Ipt-

The same fate befell the
good Impression left, on the
West Beirut Lebanese and
Palestinians by Mr George
Shultz, -who in confirmation .
hearings on Tuesday before
adoption *s US. Secretary of
State, spoke of pos&fbfr -US.
dealings with a reformed
PLO. and hinted at a more
“even-handed* approach, as
Arab commentators call it.

The Iranian action, what-
ever Ms -effect on the balance
of power In the eastern Arab
world, could have profound
Implications for the Pales-
tinians, Lebanon and toe
siege of Beirut itself.

While negotiations over toe
future of West Beirut and Its
Palestinian presence seemed
to be making next to no pro-
gress, the eity hummed with
discussion of what Iranian
success would mean for Ms
own future. From . this
amalgam of analysis, fear
and hope, there are three
basic contentions:

• Iranian successes around
Basra are likely to cause
deep anxieties In Saudi
Arabia, and In the Arab GuH
states, which will be com-
municated to Washington.

Thus Saudi diplomacy,
which has traditionally not
been able to concentrate on ft
variety of topics, will be
deflected from the Lebanon
situation. This could well also
be reflected in Washington.

• Iranian success will be
reflected in a boost for the
Shia Moslem community in
Lebanon. The Shia militia.

. Amai, will also profit both
within the West Beirut mili-
tary structure now and also in
the situation which develops
once toe immediate question
of Beirut is settled.

9 Iranian success will also
strengthen the position of
Syria, which has just entered
the diplomatic scene on the
Beirut and Palestinian ques-
tions, and whose Foreign
Minister, Mr. Abdel Halim
Khaddam, Is due to hold talks
with officials in Washington
today.

Syria has been a persistent
ally of revolutionary Iran,
while Iranian troops have
been despatched to Syria
apparently for deployment
against Israel in Lebanon.

Some people argue that toe
Iranian entry into Iraq makes
settlement of the West Beirut
siege imperative One Pales-
tinian voiced the anxiety that
Israel, suspecting Washington
is otherwise occupied, might
settle toe question with a
quick, hard blow.

At the very least, the ram-
shackle structure of negotia-
tion. so painstakingly built up
by men like Mr Philip Habib,
toe special U-S. envoy, who
have succeeded in (he past In
ending bombardments or
easing toe Israeli blockade,
Could collapse In the hot wind
from the east.

WORLD TR ADE NEWS

Nigerian
invitation
to India

By K. K. Sharma in New Delhi

NIGERIA has asked India to
establish car ancillary indus-
tries and say's that there are
possibilities of manufacturing
light commercial vehicles, de-
liver}’ trucks and mini buses
in the country.

At a meeting with the Associa-
tion of Indian Engineering
industry (AIEI) yesterday.
Prince Adebayo. chairman of
Leyland Nigeria. and Mr P. V.
Quick, its managing director,
said that the opportunities for
India were good because of
the Nigerian Government was
keen to involve Third World
countries in its development

The components identified for
Indian epmpanies to manufac-
ture in Nigeria were wind-
screens, trim items, shock ab-
sorbers, exhaust systems,
cables, engines, gear boxes,
and ball-bearings.

Asked whether foreign com-
panies would be given protec-
tion in Nigeria. Prince
Adebayo said that it was
important for companies to
demonstrate a commitment to
manufacture quality products
locally and then the govern-
ment would issue guarantees.

India's engineering exports to
Nigeria have risen from a
nominal Rs 53.8m (£32m). in
1971 to Rs 188m in 1980,
accounting for 65 per cent of
total exports to that country.

Malaysia considers barter trade with East Europe

BY WONG SULONG IN KUALA LUMPUR

THE MALAYSIAN Govern-
ment is considering entering
into barter trade with East
European countries. Dr Maha-
thir, the Prime Minister, raid
yesterday.

He said toe East European
countries have large popula-
tions that could take more
Malaysian goods, but most are
short of foreign exchange.

Dr Mahathir’s remarks,
made in a local television
interview, are seen partly as a
reflection or hts disenchant-

ment with the growing pro-
tectionist policies of
Malaysia’s traditional part-
ners, the U.S., EEC and
Japan. They are also directed
at the East Europeans who
are potting pressure on
Malaysia to buy more of their
goods.

The trade gap is strongly
in Malaysia’s favour. Last
year, it exported RinggJt888m
(£2l7m) worth of rubber,
palm oil, . timber and tin to

Eastern Europe, but pur-
chased less than Ringgit 160m
worth of goods in return.

Malaysian state trading
agencies such as Fern as,
Mardec and Feld a have been
studying the idea of barter
trading with the East Euro-
peans for several years, but
none has taken the risk of
promoting unfamiliar pro-
ducts.

The East Europeans have
mounted several trade fairs.

including a massive Soviet
Union Industrial display in
Kuala Lumpur 10 years ago,
hut their efforts have not
shown. up in trade figures.

■Stewart Fleming fn Frank-
furt Writes: Kraftwerk Union,
the power generation equip-
ment * manufacturing sub-
sidiary of West Germany’s
electrical giant Siemens, has
received an order for .a
turnkey gas turbine generat-
ing station from Malaysia.
The order includes the manu-

facture of a fuel processing
plant.

The plant win be built by
the company’s West Berlin
division and will come into
operation in late 1983 or early
1984. The plant will be fired
by heavy heating oil although
it will also have toe possi-
bility to operate with light
heating oil or natural gas.

The company was not pre-
pared to give any indication
of the value of the orders

Botswana mine study goes ahead

BY BERNARD SIMON IN JOHANNESBURG

SHELL COAL Botswana, a sub-
sidiary of Royal Dutch Shell,
is to proceed with a feasi-
bility study for a large under-
ground coal mine in east
central Botswana, in. terms of-
a joint venture agreement
signed with toe - Botswana
Government in Gaborone yes-
terday.

The feasibility study will take
three years.

Should a decision be taken
to proceed with the mine, the
first phase will provide for
annual production of around 5m
tonnes of export-quality coal.

Mr Derek Gibbons, managing
director of Shell Coal Botswana,
said: "The whole purpose of
the joint venture is for Shell
Coal International to handle the

marketing of this coal and sell
it to West European and East
Asian markets.”

The study will cover 200 sq
km between Serowe and
Palapye, about midway between
Gaborone and Franristown.
Shell has already completed
exploratory dialling in the area.

Shell .will contribute about
Pula 14m (£7m) to toe cost of
the study, Mr Gibbons said. But
the Botswana Government will
have responsibility for toe
crucial issue of examining poss-
ible rail and port outlets.

The establishment of a large
coal mine is a key factor in
justifying the construction of a
railway line from Eastern
Botswana, across toe Kalahari
Desert to a port in Namibia. •

The Botswana Government is
keen to go ahead with this rail
link to lower its dependence on
export routes through South
Africa.

An alternative is to build a
spur from a South African rail-
head In the North-West Trans-
vaaL

A new company, to be known
as Kgaswe Coal Development,
is to .be formed to carry out
toe feasibility study.

The Botswana Government
will receive "a 15 per cent share-
holding at no cost, with an
option to buy a further 10 per
cent, after completion of toe
study.

Botswana’s mining sector
depends on diamonds and
copper-nickel.

Two airlines cancel
eight Boeing jet orders

SEATTLE, — Two airlines have
’cancelled orders for eight
Boeing jets, toe . company has
confirmed.

Mexican* Airlines cancelled
orders for six 727-200 trijets and
Transamerica Airlines cancelled
■orders for two 747 wide-body
transports. Boeing said. -

Transaraerica also bad options
for three more 747s.

■ Both' airlines blamed the- poor
economy for their decision.

Two of the ‘727s ordered by
Mexicans have been built, said a
Boeing spokesman. One was
Sold to another customer and the
other is still for sale. The
cancellations had jio effect tm
■the Boeing workforce the com-

pany said.

• Singapore Airlines (SXA)
said it will today siga.a $306m
loan agreement with a consor-
tium of European banks to buy
six Airbus Industrie A-SOOs.

A SIA spokesman said the
20-year loan is lead-managed by
Midland Bank, with . Credit
Lyonnais and Dresdner Bank as
co-managers. No further details
were revealed.

The loan, which Includes
financing by Britain, France
and West Germany through the
European export credit scheme,
is part of toe total cost of $4O0m
of the six Airbuses scheduled
for delivery between 1983 and
1985.

U.S. pipe ruling
threat to stability,
Community warns

BY JOHN WYUS Bi BRUSSEL5

THE EUROPEAN COMMUNITY
yesterday, adopted a focmal pro-
UJ5. over attempts to block-
test to be sent t6 toe U.S. over
ats attempt to block .the supply
of European-produced equip-
ment for the Soviet gas pipeline
and warned that toe move “can
only undermine . the stability
and cohesion of toe Western
world.” .

Although companies in only-
four member states — the UK,
West Germany, France and Italy.
— are affected by t he UJS.
clampdown, they have each
decided to mobilise the fall
political weight of toe. EEC
behind their protests.

As a result, the issue, has
joined steel and agriculture as a
source of serious friction with
the U3., which- is'.' patting
umnense strain oh trans*
Atlantic relations. ' .

The risk that these abrasion^
could eventually affect broader-;
alliance relations lips behind the
“stability and cohesinn” warn-,
ing delivered to Washington
last night.

.But European outrage at .
President Reagan’s embargo ,fs-
aiso fully reflected by toe Un-
usually stiff language callingTor-
a withdrawal of. the measures
-and protesting at the. attempt"

to apply U.S. laws to European
companies and to nulify supply
contracts which have been
signed months or even years
ago.

. Such retrospective action,
says the EEC complaint, “puts
in jeopardy the basic principles
of the world trading system”
which is' likely to have a lasting
effect on business relationships
between European and U.S.
■companies. .

-■ This extraterritorial attempt
to subject la U_S. law companies
incorporated in the EEC and
subsidiaries -of U.S. companies
in the EEC-is not warranted by
international' law. says the Com*
munity. while the attempt to
apply U.S. policies and measures
' within toe. Community can only
have a damaging effect.

'■ The Ten could decide to sub-
mit. a. more detailed opinion of
the. UB. ■ measure? before the
-August 21 deadline when toe
..filial regulations yrIH be adopted ■
in j Washington..-:

- The best hope on this front
ls> some form of relaxation by
the • Polish authorities in
advance of. the Pope's visit next

-month.-

- The continuation of martial

law in. Poland urns toe pretext

- for too U-S. measure#

J

Financial Times Thursday July 15 1982

SI f '

; v

*r>

! -ck

UK NEWS

:

rebels lose
lead in
ballot

By Barry Rilty

THERE ARE vpw slightly more
supporters of the accountancy
profession's official approach to
current cost, accounting than
there are accountants who hack
the rebel call that SSAP 16, the
current cost accounting stan-
dard, ' be prithdrawn
immediately;

The official view is that SSAP
la should remain in force for at
least another year, completing a
three-year experimental period.

Figures show that 11,501
members of the English Insti-
tute of Chartered Accountants
have sent -posts I votes in favour
of the resolution proposed by
Mr David Keymer and Mr
Martin Haslam. A total of
11.639 votes opposing it have
been received.

Yesterday’s post brought 500
votes for and 621 against,- revers-
ing the trend shown in the early
days of voting — when the
Keyraer-Haslam ■ resolution was
attracting a small majority of
the returns.

.The period For postal -voting
closes on July 27. The resolution
wi7i he formally proposed at a
special meeting at the institute’s
headquarters in - London on
Thursday. July 29.

It is understood that many'
members of the Institute have
complained about the publica-
tion of the voting figures during
the ballot. There are fears that
this may affect the result
However. - officials at the
institute says it is normal prac-
tice. In 1978 the council of the
institute .-ruled that voting
returns in such cases should he
disposed to inquirers on a daily
basis.

Wage rises
in private
sector slow
to 9.4%

By James McDonald ...

SALARY AND wage increases
in England in the private sector
averaged 9.4 per cent in the 12
months to spring this year,
according to the latest six-
monthly analysis toy .Reward
Regional .Survey^.- . *

The Purvey, covering 373 com-
panies. shows that management
salaries rose toy an average of
9.5 per cent over the . year to
an average £8.590. Clerical
salaries rose by 8 per cent to a
national average of £4.397 and
wages of operatives rose toy 11
per cent to £5,247.

“These increases, well down
on those recorded a year ago,
confirm the current trend for
most settlements to he between
7 and 9 per cent in the private
seel or." says the survey. -
This spring's average man-
agement salary of £8,590. com-
pares with £734 2r in spring last
year and with . £6.724 in the
spring of 1980. Hie clerical aver-
age salary this year of £4397,
compares ' with £4,069 a year
before and with . £3 ,489 in 1980.
Wages of operatives, on a per
hour basis, rose from £1.92 in
spring 1980 to £2.19 in 1981 and
then to £2.43 in spring this year.

The report goes on: “The
move towards the 39-hour week
for factory workers has
accelerated.” More than half
work less than. 40 hours, com-
pared w under a third four
years ago ”

The most common allowance
for annual holidays is still 20
days, in addition to statutory
days, but the percentage of the
management sample taking 24
days is 17 per cent compared
with 4 per cent four years ago.
The percentage of clerical staff
with 24 days is 18 per cent as
against 3 per cent four years
earlier, while 23 per cent of
factory operatives have 24 days
compared with 2 per cent in
1979.

Id the management-technical
sector, the top five increases in
pay arose 'in the following
groups: personnel manager;
specialist sales manager; public
relations manager; quality
assurance manager; and re-
search and development engi-
neer.

No (zonal. Analysis of Sabines
and Wages, Summer 1.982.
Reward Regional Surveys,

J Mill Street T SI one Staffs, £35..

approach on fair trading

BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT

THE OFFICE of Fair Trading's
“ pragmatic and flexible "
approach to competition policy
in the UK was defended yester-
day by Sir Gordon Borrie^
director general of fair trading.

Sir Gordon, writing in the'
OFTs. annual report; rejected
the criti ci sm that the office's
approach ' created uncertainty
among companies about its
policies.

He said: “The fact that in
the UK the promotion -of com-
petition is weighed against
broad considerations of public
interest introduces an element
of uncertainty into policy and
tends to encourage argiunent-r-
and -hence added uncertainty-—
about the appropriateness of

the policy in this or tiiat case.”

Sir Gordon added' that he
tried to minimise such- uncer-
tainty by making public as many
of his decisions as possible,
giving supporting reasons, and
by * discussions . with the
businessmen. -
' Also', the OFT conducted “ an
open-door . policy ■ to encourage
firms and- their advisers to con-
sult. me and my officials freely
and informally, during the for-
matve stages of their thinking.”

He suggested that the flexible
UK approach should be seen in
■ contrast with the more rigid
systems of competition policy
used in other - countries. Sir
Gordon described these systems
as “doing little to provide

clarity and certainty."

■The OFTs annual report
revealed- that it dealt -with 982
complaints about anti-competi-
tive behaviour by companies
last year, carried -out dye
investigations under the 1980
Competition Act and scrutinised
164 mergers.

Sir. Gordon made clear that
the OFT has bad to reassess its
priorities us a result of the
Government's - ^public expendi-
ture-cuts.' ' ‘

.“Reduced financial provision
in real terms and- lower staffing
levels m&an that certain' things
cease to be done, and' done
more slowly or, although
thought desirable, not started
at all.” he said;

Call to scrap airports authority

BY MICHAEL DONNE. AEROSPACE CORRESPONDENT

The British Airports Authority
should be broken up and private
companies allowed to run Heath-
row, Gatwick and Stansted air-
ports, two Tory MPs are urging.

In a discussion paper they
helped to prepare they also call
for a;, separate authority for
Scottish airports.

Mr Michael Colvin, MP for
Bristol North West and chair-
man of the Conservative Par-
liamentary Aviation Committee,
is co-author, of the paper with
Mr Graham Bright MP for
Luton East, and Mr Christopher
Thompson, an adviser at the
House of Commons.

They 'argue that a new 'stra-
tegy for airports in Britain, is
needed. The aim should he “to
free Britain’s airports from the
constraints of government con-
trol through the British Airports
Authority or from direction
from' local authorities. Both
have misdirected resources."

As well as selling Heathrow,
Gatwick and Stansted to private
companies,, the group suggests
tiiat the regional municipal air-
ports should be freed from local
government constraints “by

offering equity and America rv-
style municipal .bonds to em-
ployees,' local residents, rate-
payers and businesses. -

“A special package of tax in-
centives is suggested -to en-
courage the growth' of traffic
from the regional - airports at
Manchester, Newcastle. Birming-
ham or the East Midlands and
Bristol f-Lulsgate).

“ Finally, a Scottish airports
authority.- with some private-
sector investment and the rest
provided by the Scottish Office,
is proposed, to run -the major
lowland airports' operated by
the BAA and those operated by
he Civil Aviation' Authority in
the Highlands and Islands."

Mr Colvin .said yesterday
■that the strategy would give
the Conservative Party “ an
alternative to the policy of
state control of airports which
has created' increasingly diffi-
cult and insoluble problems in
the last 20 years." -

The Government's airports
policy^-" or lack of it— has led
to an inefficient use of re-
sources, with passenger capa-
city under pressure in the

London area and in excess
everywhere else,” -he said.

“ The British Airports Autho-
rity has an effective' monopoly
within our national system.
The BAA has exploited its
position in the London area to
raise charges to- the airlines
and their passengers at Heath-
row and Gatwick, beyond the
level necessary to finance its
current activities, in order to '
fund its long-term investment
programme. This includes the
costly proposals for expansion
at Stansted " he went on.

“ Elsewhere in Britain, at the
airports in Scotland and the
municipal airports ' in the
regions, there is -a substantial
excess of underutilised passen-
ger capacity.” ■

Mr Colvin- suggested tiiat
instead of expanding Stansted.
a- fifth terminal should toe built
at Heathrow and -a second ter-
minal at Gatwick to cope with
passenger growth. Luton should
be encouraged to grow to its full
capacity, he argued.

Airports UK — A Policy for the
UK's Civil Airports. Centre for
Policy Studies, £2.50 net.

Photographic sales may reach £60(hn

BY ELAINE WILLIAMS

THE. UK amateur photographic
market is likely to rise to nearly
£60Qm by the end. of the year,
according to the . industry’s
report published yesterday.

This compares. with £555iU in
1981 and £620m In 1980. Much
of. last year’s growth was taken-
up by inflation, ■ despite, efforts
to promote camera and film
sales. .

More than half the industry's
income is from film processing
which was worth about £210m
last year. Camera equipment
accounted for £2Q5m and film
sales £140 of last year’s total

according to the report by the
British Photographic Industry.

The greatest growth has
come from., the equipment
sector where camera costs have
continued to fall owing to
intense competition and the in-
creasing use of micro-chip' tech-
nology .in .camera design and
manufacture. '

Sophisticated single lens re-
flex cameras, for example, cost
as little at £99 today compared
with £166 In I960. . Film process-
ing is no more expensive now
than 20 years, ago. •

The photographic industry

spent nearly £14m last year to
stimulate sales, particularly of
films, and will step up its cam-
paign this year. The average
Briton takes only 100 photo-
graphs a year even though 70
per cent of the population have
access to a. camera..

UK interest in photography
lags well -behind that in the
U.S.. Japan, West Germany and
other European countries. By
1980, the average American
was spending $37 a year on
photography— -foiir times that
being spent in Britain.

Hard lessons from an outer city area

BY NICK GARNETT, NORTHERN CORRESPONDENT

OUTLYING city areas can have
problems just as severe as those
of the timer cities on which
the Government has fointsed its
special help initiatives, accord-
ing to a study of social and
economic privations.

These outer industrial and
housing areas accommodate 5
per cent of the. UK population
and are particularly prevalent
in the North of England, Scot-
land and" South Wales.

The report Is based on a
study of Kirkby. outside Liver-
pool. The town, with 50,000
people was envisaged by that
city as a vehicle for solving
Liverpool's housing and job
problems.

Kirkby. however, nowTntffers
from many of the symptoms of
urban decline and social stress,
and has an unemployment level
one and a half times 1 greater
than that of Liverpool, itself.

The report was produced by
Merseyside County Council and '
Knowsley Metropolitan Borough
Council — which has included
Kirkby since the 1974 local
government reorganisation —
with CES, an ' independent
research company..

It says that Hr the growth
period of the 1950s and 1960s,
families allocated to Kirkby
were generally those with the
greatest housing needs — with
almost half the population then
under 15 years old. There was
a preponderance of unskilled
workers and ' almost no white-
collar residents.

Another factor .in KarKby’s
growth was an absence .of con-
trol planning and of services
and suitable housing The report
argues that although some pro-
gress to alleviate thesj? stresses
was' underway by the mid-1970s.

a eyrie of decline set in, which
stiH grips the town. It says
tins results from three broad
factors:

The first is that the popula-
tion declined partly because
inward migration dried up and
because job-shedding ■ and a
mounting problem-' with housing
repairs made the town unattrac-
tive to potential newcomers who
might have made for a better
skill balance.

Secondly, an over-dependence
on manufacturing — and more
narrowly, on engineering and
food processing with narrow
product ranges, resulted in a
vulnerable local economy.'

Finally, the report says that
Knowsley inherited an ineffici-
ent administration which con-
tributed to the inability to carry
out sufficient house repairs.

Small screen success story

MICROVITEC represents in a
nutshell the promise and the
vulnerability of the xapkHy-
exjpanding small business, sector
on which the Government
appears to place so ‘much faith.

As Mr Kenneth Bayer, Minis-
ter for Industry and Informa-
tion Technology, last week
opened another factory -exten-
sion of the West Yorkshire
microelectronics company,
formed oBly three years ago, he
described Mdcrovitec’s perform-
ance as "immensely encourag-
ing" for the high technology _
industry

A few minutes later, however,
Mr Anthony Martinez,, the com-
pany's managing director- and
chairman, gave a quiet warn-
ing that such companies as
Microviiec needed to protect
themselves by rapid 'expansion,
and that success could not he
Guaranteed at any stage in a
small business's life.

Mi crovi tec’s ■ story embraces
both the development of finan-
cial packages available to busi-
nessmen -and women with an
idea they can sell to the pedple
who have the money, and the
importance of spotting holes in
the market place.

The company was set up in
Bradford in July 1979 by two
brothers, . Anthony and Joim
Martinez, to develop and sen
low-complexity colour display
screen units for use with com-
puters as part of the growth in

Nick Garnett reports r
on the rapid -
growth of the
Microvitec .
electronics company:

information technology.

The first 18 months brought
a turnover of £188,000. During
tiie following 12 . months this
rocketed to -El-STm. The turn-
over for the first -six months of
this year is already more than
£lm and the company' has begun
exporting to. the Benelux
countries. • -

The workforce has expanded
from seven to just under 100
and is due to 'rise to 110 in the
autumn.

Partly through its supplies to
the Acorn computer company
it will be involved .in the
Government's scheme to extend
subsidisation for computers
from senior to primary .schools.

Anthony Martinez and a
small group of- technical ex-
perts spotted the need for a
low-complexity colour ' . display
monitor where, modified Tv re-
ceivers or complex monitors
were used. .

The company's rule on pro-
ducts. says Mr Martinez, is de-
signed to cost "—identify a
need, cut out anything the
customer does, not really - re-

quire and assemble at the
lowest possible price, he says.

At the same time, the com-
pany argues it- produced a dis-
play screen unit which for the
first time was capable of driv-
ing both standard and high re-
solution tubes— the latter allow-
ing an increase , in the number
of characters per line;

The venture provides a. neat
example of the plethora of aid'
which companies like . Micro-
vitec can tap. Bradford Metro-
politan council, has invested
almost £lm in providing the
company with factory space on
a rent-free and low-rent period
basis. . .

.Technical Development
Capital took out £37,500- in
equity and provided a loan of
£112.500. . Grants, from the
Department of Industry totalled
£75.000 and an additional
medium-term loan of £90,000
came- from tbe European Invest-
ment Bank. .

■ Mr Martinez^ who stresses the
importance of teamwork to. the
company’s success, seems to
have no illurion* about how
watchful ,a‘ company such .as
Microvitec has. to be.

. V We have a universal
product," he says. *■ If market
needs expand faster than we
can supply, then someone .else
is going to do the job for us.
You can .sit back .and. enjoy
your success, but you don’t live
very long if you do ” •

?

1981 Report & Accounts:

the number of individualists In the world
is growing.

The increasing number of mass-produc- 1981 was another good year for BMW.
ed, standardised cars leads inevitably to 1981 broke ail previous records for the
greater uniformity on our roads. production and sales of BMW cars.

However, this trend also creates an op- With 349.000 units, sales were up a full

posing desire for greater individuality. 3% over the previous year. Exports

And this in turn improves the sales oppor- increased by 6 % . Motorcycle sales also
tuhities for those special marques, which rose by 11% to 32.500 units,
fulfill this desire. Total company turnover increased by 18%

The extremely difficult past few years for to 9.5 billion O-Marks (4.2 billion US-$),
the automobile industry demonstrate

how manufacturers of exclusive products Prospects look promisin g,
are less exposed to outside pressures, Future developments show every sign of
arid can even experience a significant following the same pattern,
increase in demand. And BMW will continue to implement its

BMW.fits this description perfectly. long-term investment program to con-

In 1981 we were just as successful as in soli date and secure the future of the

the preceding years. company. The fact that our capital invest-

Thanks to the encouraging increase in ment is significantly higher than the
demand by the more individualistic buyer, industry average reflects the confidence
BMW improved its position in all the ma- we derive from the quality of our products,

jor markets of the world. our on-going development projects,

fn the U.S.A., and in the countries of the and the position we have achieved in the

European Economic Community as well, worldwide market,
we were among the most successful . The main thrust of our investment pro-
manufacturers of luxury cars. gram is concentrated on the development

And in 1981 we became the first western of new products, new production pro-
car manufacturer to establish its own cesses, and on the continuous improve-

wholly independent, subsidiary company ment of all operations,
in Japan. The theme throughout will be the con-

So in the future BMW’s position as one of sistent and comprehensive application of
the unmistakable alternatives will be the most modern and advanced techno-

even further strengthened in this market logies available.

1961

1980

Change %

1981

1960

Change %

-1

Sales

'

Personnel

7” t

BMW AG

DM mill.

7,822.1

6,898.5

+ 13.4%

expenditures

DM mill. 2,030.8

1 .781 .1

+ 14.0%

BMW Group

DM mill.

9,545.0

8,116.5

+ 17.6%

Balance sheet total DM mill. 3,953.0

3.595.7

+ 9.9%

Output

Common stock

DM mill, 500.0

500.0

Cars

units

351,545

341,031

+ 3.1%

Net worth

DM mill. 1,201.3

1,146.3

+ 4.8%

Motorcycles

units

33,120

29,260

+ 13-2%

Fixed assets

DM mill. 2,254.3

1,976.6

+ 14.0%

'■ 1

Car sales

Investment In

Domestic

units

138,399

140,772

- 1.7%

-tangible

*■

! Foreign

units

210,547

198,460

+ 6.1%

fixed assets

DM mill. 815.6

738.9

+ 10.4%

a

Total

units

348,948

339,232

+ 2.9%

Depredation of

. j

Motorcycle sales

tangible

Domestic

units

10,963

9,933

+ 104%

fixed assets

DM mill. 473.1

330.1

+ 43.3%

Foreign

units

21,489

19,330

+ 11.2%

Net income

DM mill. 145.0

160.0

Tbtal

units

32,452

29,263

+ 10-9%

Dividend

DM mill. 90.0

100.0

Personnel

per share of DM 5Q

BMW AG

39,777

37,246

+ 6.8% .

npminal value

DM 9.0

10.0

BMW Group

44,648

43,241

+ 3.3%

% 18

20

BMWAG

Financial Times Thursday July 15 1982

UK NEWS

12 ships
damaged
or sunk in
Falklands

By Bridget Bloom* Defence

Correspondent

TWELVE warships were sunk
or damaged by bombing, straf-
ing or missile attack in the
Falklands campaign, according
to new figures from the Min-
istry of Defence.

The ministry has named six
damaged warships in addition
to the four sunk. But while it
gives the cause of the damage
in each case, it details neither
the extent, nor the likely cost
of repairs.

Two damaged ships remain
unnamed since they are still on
deployment in the South
Atlantic. Of the eight damaged,
apparently only one — HMS
Glamorgan, a County Class de-
stroyer — was hit by an Exocet
missile, which failed to ex-
plode.

HMS Glasgow, a Type 42 de-
stroyer was holed by a bomb.
Tiie Leander class frigate HMS
Argonaut, which is fitted with
Exocet missiles, was damaged
by two unexploded bombs and
strafing.

HMS Arrow, a Type 21
frigate, was damaged by
shrapnel and cannon shells,
HMS Plymouth, a Type 21
frigate by bombs and strafing
and HMS Brilliant, one of the
Navy’s most modern Type 22
frigates — which returned to the
UK at the weekend— was
damaged by strafing.

Three of the four ships were
sunk as a result of bomb
attacks from Argentine aircraft,
while HMS Sheffield sank after'
being hit by an air launched
Exocet missile.

Mr Peter Blaker, gave the in-
formation in a written reply to
a question from Labour
Defence spokesman Mr Kevin
McNamara. He noted that until
the damage had been properly
assessed and a detailed work
package drawn up, it would not
be possible to provide estimates
of the cost of repairs or the
time it would take to have the
vessel back in service.

In evidence before the
Defence Select Committee last
month Mr John Nott the
Defence Secretary, said 12 war-
ships, in addition to the four
sunk, had been damaged.

He also said that 23 warships
had been involved in the Falk-
lands campaign.

Mr Blaker said Invincible,
the aircraft carrier which the
Government has decided will
not be sold to Australia, costs
up to £25m a year to run. Mr
Nott is expected to make a
statement on Invincible in the
Navy Debate in the Commons
next week.

MITI presses Nissan on UK plant

BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT

the

NISSAN OF JAPAN is under
psychological pressure from the
Japanese Government to build
a car plant in Britain. Mr
Kazuo Takase, director of the
automobile division of the
Ministry of International Trade
and Industry (MITI), said in
Tokyo yesterday it would be
“very regrettable” if 'die pro-
ject did not go ahead.

had denied reports that
project had been shelved. .

"We hope discussions will
continue and Nissan will go
ahead.”

He said the Nissan top man-
agement was well aware of the
interest the Japanese Govern-
ment was takin g in the project

From MITI point of view,
direct investment overseas and.

Nissan’s board is split over ' in particular, joint ventures and

the project Mr Masataka
Okuma. executive vicepresi-
dent, is travelling to London
later this month for what will
probably be final negotiations
with the UK Government.

Negotiations have been dead-
locked over the proportion of
European components the
200,000-cars-a-year plant should
use, and Government grants
Nissan might expect from the
UK

Mr Takase said there had
been no f orma l expression of
regret by MITI because Nissan

cooperative deals between
Japanese and Western motor
companies, would ease friction
over trade.

"The senior managements of
the companies realised the need
to get more involved in co-
operative ventures in overseas
concerns or the trade Motion
will never go away. Not only
would it not disappear, it would
get wor se," Mr Takase said.

MITI believed that Japanese
penetration of most overseas car
markets by direct exports had
gone about as far as was pos-

sible without creating more of
the problems associated with
protectionism, he said.

However, the Japanese motor
industry was beco m ing increas-
ingly strong in terms of the
advanced production methods
and vehicles it had to offer, and
if there was free access it would
take an even bigger share of
world car markets.

"Because of this we fed
industrial cooperation between
the motor companies is needed.
But that means companies from
outside Japan most make an
effort too. From Japan’s stand-
point, cooperation is necessary
to alleviate the trade problem.
For other countries, It is neces-
sary if they are to mainta in
viable and progressive motor
industries,” Mr Takase said.

According to European manu-
facture tv, the Japanese plan to
raise capacity from 9.36m to
11.27m vehicles a year between
1980 and 1983.

But Mr Takase insisted the
Japanese industries' investment
programme was aimed at
rationalising the existing pro-
duction. at cost reduction and at
improving working conditions—
not at increasing capacity. The
Companies were well aware that
in the current world motor
industry environment they
could not expect to continue to
push up exports at the previous
rate.

Mr Takase said there was no
policy on the part of either the
Japanese Government or the
motor industry to step up
exports of motor components in
order to compensate for the lade
of growth in assembled car ship-
ments.

The figures for component ex-
ports bad been boosted recently
by the growing number of
countries which would not allow
many assembled cars onto their
markets but insisted on local'
assembly from component kits.

Pay rises outpace Inflation rate

BY ROBIN PAULEY

LIVING STANDARDS, after
dec lining for mare than a year
up to April, are improving
slightly inspite of a continuing
downward trend in the level of
pay settlements.

Average earnings rose by 10.3
per cent between May 1981 and
May 1982 — slightly more than
the 10.2 per cent rise for the
year to April. In both months,
however, the rise was above the
inflation rate, as Indicated by
either the retail price index or
the tax and price index move-
ments. Pay was, before April
last, ahead of inflation in
March 1981. .

Figures published by the
Employment Department yester-
day show that the underlying
trend of pay settlements is still
downwards, not including back-
pay and slightly over 9 per emit - cent of manufacturing settle-
if overtime is also excluded. inents monitored by the CBI

The trend for pay settlements were between four and 10 per
has been downwards all year cent

with the underlying increase The financial sector was

falling from 11 per cent in
January to 10.73 in February,
10.5 in March, 10.25 in April
and 10 per cent in May. The
annual rate of increase is now
at its lowest level since January
1978 and is likely to fall still
further as more single-figure
pay settlements come through
in the current round.

About half the 20m British
workforce has now reached a
pay settlement for this year.

The downard trend in pay
was confirmed by the Con-
federation of' British Industry,
which said yesterday that settle-
ments in manufacturing indus-
try notified in May and June
had averaged 6.8 per cent com-
pared with a 0.9 per cent aver-
age for die first four months
of the year.' More than 85 per

settling on average two percent-
age points higher than manu-
facturing.

This shows the extent to
which wages have now been cut
in manufacturing industries.

Overtime is still increasing
and short-time wort continues
to decline. Some 10m hours of
overtime a week were worked
in May, lm hours a week more
than in April. Short-time work-
ing fell from 1.7m hours a week
in April to 1.56m hours in May.
• Mr Charles Morris, Labour
MP for Openshaw, yesterday
asked the Chancellor, Foreign
Secretary, Home Secretary,
Transport Secretary and Trade
Minister which groups and
grades in the public sector for
which they . have ministerial
responsibility have so far
settled, at 4 per cent or less in
the current pay round. Each
replied: “None”

Further North Sea contract goes abroad

New hearing
ordered after
$55,000 error

Bjr Raymond Hughes,

Law Courts Correspondent

AN ERROR by lawyers acting
for a Greek shipowning com-
pany resulted in an arbitration
award in the company’s favour
being reduced by $55,000
(£31.792), a Commercial Court
judge said yesterday.

Mr Justice Parker set the
award aside and ordered the
case to be reconsidered by the
arbitrator.

In March last year Antigoni
Corapania Naviera, of Piraeus,
chartered a vessel to Minerali
import export, a Romanian state
trading organisation. A dispute
over payments due under the
ch arte rp arty went to arbitration,
where Antigoni claimed
$280,643. ■

By mistake. Antigoni’s soli-
citors told the arbitrator that
$55,623 which had been paid
by Mineralimportexport was to
be deducted from the claim.
That sum had already been
taken ito account in computing
the claim, however.

The result was that the arbi-
trator awarded Antigoni only
$225,020.

The judge said it was clear
the arbitrator had intended to
award the fuH claim to Antigoni.

Mineralimportexport was not
represented.

BY RAY DAFTCR

THE UK offshore supply
industry — badly in need of new
contracts— has lost another im-
portant order to an overseas
competitor.

Phillips Petroleum, the U.S.-
based operator of the Maureen
Field in toe North Sea, has
awarded work believed to be in
excess of £10m to C. G. Doris of
Paris.

The order coinrides with the
placing of a £4.5m Swedish con-
tract by British National Oil
Corporation for work on toe
Beatrice Field in toe North Sea.
The BNOC contract has angered
Ministers and officials of toe
Energy Department

Phillips said it chose Doris
after competitive bids. Most of
the work would be carried out
in the UK by a Doris affiliate,
Howard Doris of Loch Kish ora,
in the North-West Highlands of
Scotland.

Doris has been commissioned
to tow the Maureen production
platform’s substructure from
Ayrshire Marine Constructors’
dry dock at Hunierston to Loch
Kishorn; ballast the platform;
mate toe deck, built by Howard
Doris, with toe substructure;
tow toe complete platform to
the Maurden field on block
16/29, 170 miles north-east of
Aberdeen; and instal the plat-

form above a steel drilling
frame already positioned on the
seabed.'

The field, costing more than
$lbn (£575m), is due onst ream
by early 1984. Industry esti
mates suggest that the field’s
170m barrels of recoverable oil
will yield up to 70,000 barrels
a day.

Meanwhile, BACC yesterday
confirmed that it has ordered
accommodation units and a
helicopter deck from Goto
verken Arendal of Sweden. Mr
Hamish Gray, Minister of State
far Energy, is said to be
“extremely upset and unhappy”
at the decision

Cut price petrol could tempt tourists

BY ASTHER SANDIES

IF THE Government was serious
‘about improving tourist perfor-
mance it should lower hotel
VAT, give higher industrial
buHdin'g allowances to toe hotel
business, abolish or reduce toe
National Insurance, surcharge,
and perhaps introduce petrol
coupons to sell cut-price fuel to
tourists. '

•• These suggestions were
offered by Mr Eric Hartwell, a
Trusthouse Forte director, in his
role as chairman of the British
Hotels, Restaurants and
Caterers’ Association, at its

annual meeting in London yes-
terday.

Mr Hartwell, vic e-cha irman
and joint chief of THF, was
speaking after announcement of
Government review of tourian.
management

“What a pity that we had to
wait for the country's tourism
account to plunge into a £286m
deficit before Government
action was forthcoming,” said
Mr Hartwell.

He suggested that £5bn a year
in foreign currency could be
earned by ; 1984 with a more
positive attitude toward tourism
by toe Government

“ The Government’s intention
to extend tourism grants to all
parts of Britain and to under-
take a long overdue review of
.toe efficiency of tourism man-
agement is a glimmer of hope.”

Mr Hartwell urged resorts to
use toe new tourism project
grants to “ revive and
modernise:” All-weather, all-
year facilities should “counter-
act the single overseas attrac-
tion — the sun.”

Sky-high petrol prices, be
said, were a deterrent particu-
larly in isolated areas which
needed tourists to bolster toe
local economy.

High quality gold hallmarking increases

BY JAMS McDONAlD

HALLMARKING of high purity
■gold articles increased sharply
an toe second quarter of this*
year. The 22 carat gold articles
are mostly made for the Asian
community in Britain.

Assay offices in London,
Birmingham, Sheffield and
Edinburgh deait with, a total
wright of 993,452 grams of
22 carat gold (containing at

least 91.6 per cent fine gold),
on increase of 79.9 per cent on
the amount -handled m April-
June last year.

The Joint Committee of the
Assay Offices of Great Britain
also reports more modest gains
over the year of 6.4 per cent
and 2.8 per cent respectively in
the weights of 18 carat and
9 carat gold articles sent for

haU i Tnantato s.

There was a 22.S per cent
drop in toe weight of frail.
marked 14 carat guild articles.

The total weight of aH gold
wares sent for assay daring the
quarter was 7.8 per cent more
than a year before at 9,366 kilo-
grams, while toe number of gold
articles assayed was 20.2 per
cent higher at 4.16m.

Abbey plans
new ‘extra
interest’
scheme

By Andrew Taylor

ABBEY NATIONAL toe
country's second-largest build-
ing society, plans to launch a
new “ extra Interest ” savings
scheme next month, the terms
of which have already angered
a number of rival societies.

Abbey gave notice of the
new scheme to the Bunding
Societies Association council
last week.

Investors in the savings
account, to be launched In
August would have to main-
tain a minimum balance of
£100. Just seven day's notice
would be required for with-
drawal with no penalty.

. Interest on the savings
account would be at around a
1 per cent premium above
the BSA - recommended
ordinary share rate of 8.75 per
cent

The scheme will extend
significantly the benefits avail-
able on similar extra, interest
schemes operated by other
societies. These generally
require at least 28 days notice
of withdrawal and investors
can lose a similar number of
days' interest on taking their
money out of accounts.

Abbey held back from
introducing an extra interest
short-notice withdrawal
scheme because of the costs
involved and yesterday criti-
cised those societies which
had sought to preserve their
market position without con-
sidering such a cost
Abbey said it had suffered
a loss in its competitive edge
during the past 12 months.

The society says that from
next month the society will
not be seeking to raise any
new funds from its open-bond
share schemes presently avail-
able on terms from one to five
years. It also announced plans
to raise up to £60m a year
through the issue of Nego-
tiable Corporate Bonds to
companies flnanria l

Institutions.

A first issue carrying an
interest rite of 18} per cent
and raising £5m was placed
last. week. The issue was
handled by Phillips 8c Drew
and Manchester Exchange
Trust

• Sir CambpeH Adamson,
chairman of Abbey National,
said yesterday that this week’s
half a percentage point reduc-
tion in bank base rates was
unlikely to be sufficient to
convince building societies of
the need for an early cut in
mortgage rates.

Societies are expecting to
reduce their mortgage rates
in the autumn and it seems
likely that a cut of around 1
per eentage point is possible.

They -.will, -however, be
keeping a dose eye on bank
mortgage rates and also on
competition •< from National
Savings,' their 'main competi-
tor in the- savings market
Any moves on these fronts
could materially alter the
outc ome of interest rate re-
structuring;

United Glass sheds
500 jobs as bottle
demand slumps

BY MAURICE SAMUELSQN

BRITAIN’S bottle making
industry suffered a farther blow
yesterday when United Glass
Containers, the industry leader
announced nearly 500 redund-
ancies at plants in London apd
Glasgow.

One of the two furnaces at
the Shettieston, Glasgow, plant
is being dosed and the work-
force of 384 wiH be cut by 190.
The New Cross plant in London
will dose with the loss of 290
Jobs- . . .

This means that in toe past
two years Britain’s biggest
bottleznaker has reduced its
plants from eight to five and
cut its workforce from 10,500
to 4.000. At toe same time t£e
UK glass container market has
fallen 12 per cent demand for
bottles falling, from 48m to 44m-

The company yesterday
blamed "overall low demand”
for the latest cuts which it said
were aimed at boosting produc-
tivity and competitiveness.

Demand for whisky bottles, a
mainstay of UGC, has been par-
ticularly hard hit. The company
is jointly owned by the Distil-
lers Company and Owens-
Illinois of toe U.S.

The New Cross plant, built in
1908, makes whisky miniatures,

small food jars and bo tries for
the drug and toiletry industries.
Its production will be moved to
the aewfir plant at Harlow,
where half of machine capacity
is idle and which has room far

expansion

- Shettieston, which makes
wfcisfr bottles and some milk
bottles, became a two furnace
plant only last Autumn because
of hopes of a recovery in the
whisky market But persistent
low sales have forced the clo-
sure of the older furnace. Te
new one will be operated with
160 fewer people than its pre-
decessor.

The company's difficulties
- were reflected in its half yearly
results in : February which
showed a £6.2m overall loss.

• BICC is to dose its scrap
metal business, operated by
Brookside Metal, with the loss
of 110 jobs in Watford and 30
in Linlithgow, near Edinburgh.

A spokesman said the
closures would take place by
the end of the year and were
the result of continued low
demand from toe metal indus-
tries for non-ferrous scrap.
Brookside Metal is a subsidiary
of BICC Cables.

Dover port traffic volume
up sharply this year

BY ANDREW FISHER. SHIPPING CORRESPONDENT

PASSENGER, car and freight
traffic at Dover, Britain’s busiest
cross-Channel port, all rose
sharply in the first five months
of the year.

The harbour board said yes-
terday that passenger numbers
rose by nearly 16 per cent in
January-May over the seme
period of last year to 4.3m
people.

At toe same time, Sealink UK,
the British Rail subsidiary
which is a major user of Dover,
said its total passenger and car
ferry bookings had surged
ahead in the past two weeks.

Sealink said Increases of up
to 15 per cent had been re-
corded compared with last year.
European Ferries, another oper-
ator from Dover, also said 1982
was proving a good year for
bookings.

Mr Ray Collard, Sealink UK’s
deputy chief Continental man-
ager, said holidaymakers had
earlier ben holding back. “But
it now appears the uncommitted
have finally decided and France

and Belgium, with their better
exchange rates, are the target
countries.”

Dover authorities said tourist
vehicles, farinfllng cars, coaches
and motor-cycles, showed an in-
crease in the five months of
13 per cent to just under
506,000. In May passengers rose
by 5.7 per cent to 1.3m and
tourist vehicles by 112 per cent
to 130,700.

'On toe freight side, road
haulage showed an increase of
25 per emit to 243.000 lorries
in the first five months. The
cargo tonnage handled was up
by 25 per cent to &3m tonnes.
The May figure showed a similar
percentage jump to 645,800
tonnes.

P&O Ferries, which like the
other cross-Channel ferry
operators raised fares by about
15 percent this year to counter
the heavy losses, said 1982 was
proving promising for bookings.
A remarkable upsurge bad
been noted in accompanied car
traffic and group bookings.

Stocktaking
time on
the Me
of Man

THE COLLAPSE of the rescue
attempt for the £4&6ai Savings
and investment Bonk, the
biggest 'independent bank in the
Isle of Man, is a serious set-
back for the island's ambitions
to become a significant offshore
financial centre. It also under-
lines the need for the a major
overhaul of its fledgling super-
visory system.

Bank ing is one of the few
growth areas in the Isle of Man
economy. Three to four new
batiks have been opening
offices every year and the
isl and's 48 backs have doubled
their deposiis in the last two
to three years, to more chan
£Lbn.

The financial sector, which
accounts for dose to a quarter
of the local economy, has been
earmarked as a long-term
growth area.

However, toe closure last
year of the International
Finance and Trust Corporation,
and now of the Savings and
Investment Bank, has pre-
sented tile Manx authorities
with a major financial problem.

Unlike the Bank of England,
in toe secondary banking crisis
of the mid-1970s, Manx financial
officials cannot rely .on the big
UK clearing banks to come to
their aid with another banking
lifeboat”

Most Banks on toe island are
subsidiaries or branches a£
either the UK clearing banks,
merchant banks and other rela-
tively well-known financial
institutions. However, several

THE failure of the Manx
Savings and Investment
Bank has raised vital
questions for the island’s
authorities, writes

WILLIAM HALL

Technical standards bid

BY JASON CRISP

THE GOVERNMENT is to try
to simplify procedures for set-
ting technical standards in an
attempt to speed up toe liberali-
sation of the British telecom-
munications market.

Though -toe 'British Telecom-
munications Act was passed last
summer, tittle new equipment
is available and no technical
standards have been published..
At a scute ar on ' . Tuesday,
attended by 120 manufacturers,
suppliers and users, the Depart-
ment of Industry and British
Telecom .were attacked for toe
delays. .

Yesterday Mr John Butcher,
junior industry minister, said

the meeting had called for
clarification and simplification
of the procedures for the
liberalisation programme. It
also wanted a dear timetable
for standards which should be
drawn up in a way that would
help UK manufacturers sell
overseas.

Mr Butcher said 50 items of
telecom uni cations equipment
had recently become available
from sources other than British
Telecom. Of those, 20 were
modems — devices which enabled
a computer to communicate on
a telephone line — and toe re-
mainder incuded only five new
telephones.

Concessions blow for ICI

Base Rate

Bank of Credit and Commerce
International societe anonyme

LICENSED DEPOSIT TAKER .

announces that from
15th July 1982 its base rate
is changed

from 124% to 12%p.a.

100 Leadenhall Street London EC3A 3AD

BY SUE CAMERON

IMPERIAL CHEMICAL Indus-
tries has lost the first :round of
its fight to stop tax concessions
on petrochemical raw materials
given to its main UK rivals.
Shell, Esso and British Petro-
leum.

An amendment to the Finance
Bill which would have deleted
the concessions was voted down
in the Commons early yesterday
morning by 299 tp 174.

The concessions will enable
Shell, Esso and BP to sell low-
priced gas feedstock from the
North Sea to their chemical sub-
sidiaries. ICI uses toe oil-based
naphtha as a feedstock for

making petrochemicals at its
complex at WRton on Teesside. _

In the Commons debate
ministers held out toe
possibility of bolding further
talks with Id on toe whole
.issue. Id said that it “would*
look forward . to further dis-
cussions if offered by toe Gov-.

exranent.”

But in -the meantime- it is.
pressing ahead. With to'e High
Court 'writ* against 'toe Govern-
ment issued-lnt week, ; * .

ICI contends that toe' tax con-
cessions are nWbrceg more than
subsidies, and there f o re a gain** ’
toe Treaty of Rome. '

institutions are carry mg on
banking business bn toe island
which would not be categorised
os recognised banks under toe
UK’s 1979 Banking Act.

While there is nothin rr tc
suggest that these institutions
are not managed well, bankers
generally accept that until
recently at least, it has been
far easier te obtain a full bank-
teg licence on the Isle of Man
than elsewhere, and that bank
supervision has been more lax
than in more established finan-
cial centres. .

The island's banking rules,
were tightened up in December

Manx officials visited toe ‘
Bank of England yesterday to
ask for technical assistance on
the general structure of bank-',
ing supervision in the Isle of
Man.

The Isle of Man has always
jealously guarded its indepen-
dence, particularly in the area
of its financial affairs. However,
there is a danger now that this
could backfire nastily if the
problems of the Savings and
Investment Bank led . to a
general crisis of confidence
among depositors in toe island's 1
smaller, banks.

Other offshore centres have'
been aWe to avoid crises such
as is being experienced by the
island, which does not have its
own bank inspector, because
they have insisted that only the
most prestigious banks in the
world can do banking business-
in their territory.

The Isle of Man Is not in
such a fortunate position— os
the events surrounding the
demise of the Savings and
Investment Bank demonstrate.
Details surrounding the bank's
problems are complex, but two
Points emerge:

First, the authorities appear
to have been unable to stem a
run on the bank following the
announcement that Mr James
Raper’s . private . investment
vehicle, Gasco Investments, was
suing the bank.

In addition, ii the reported
figures are to be believed, the
Savings and Investment Bank
was prepared to lend the
equivalent of its shareholders’
funds to one borrower.

The behaviour of the Savings
and Investment Bank, and the
failure of. the authorities to
prevent its demise, are unlikely
to instil confidence in offshore
depositors contemplating plac-
ing their- money in- the smaller
Manx institutions.

Margaret van Hattem examines the political barriers affecting confidence in Northern Ireland

Complex task for Prior to attract U.S. investment

NEAT MONDAY- .--Mr- -James-
Prior, the Northera-Ireland
Secretary, will visit the UH. in
an attempt to rekindle -business
inteerst in Northern Ireland. ,
Mr Prior clearly hopes- that
his new devolution Bill, clearing
its last stages in parliament, and
plans, for October elections in
Ulster, will persuade potential
investors that political stability
is in sight and that their invest-
ment will help to underwrite It
But he may have a tough time.
Moves are afoot in the U.S. Con-
gress to get two resolutions
passed which would acutely
embarrass the British Govern-
ment One condemns toe use of
plastic bullets in the province
and toe other calls for the pro-
scription of toe Protestant
paramilitary Ulster Defence
Association. 1

The resolutions, while unlikely
to produce -an immediate change
of policy in London, could cause

the sort of ripple in Anglo-
American relaions that all
British governments seem
anxious to avoid. They draw
attention to aspects of the
governing of Northern Ireland
that Englishmen prefer not to
have to defend.

People who understand the.
value of toe Irish- American vote
in ; U.S. politics wil lnot be sur-
prised that -congressmen, who -
are eventless interested in the
province than are their counter- .
parts at Westminster, should be .
so concerned themselves.

The 40m or so Americans who

like to reme m ber that seven or
eight generations ago they were
Irish are less politically potent
than the Jewish or Greek com-
munities. But in toe wheeler-
dealing of U.S. ethnic politics
they are still a force.

The age-old battle far their
hearts and minds— not to men-
tion their pockets and votes

Is a bigger and more complex
affair than is generally realised,
with a- web of conflicting inter:
ests on both sides of the Atlan-
tic.

There are, to -begin with, the
extreme Irish -nationalist orga-
nisations which want Irito-
Ameritan money for toe IRA.
These organisations also want
to stop 1X5- investment going
to air?; pert of Ireland and bo!*'
Staring what they- consider a
rotten capitafist system.

There- are the UE. politicians
who want the Irish-American-
vote and there afe toe British
and Irish . .Governments which '
want the congressmen ami toe
media on their sides.

The governments on this side
of toe Atlantic also want in-
vestment in their respective
bids of Ireland and businessmen
want reassurance that the fae--
lories they build _ wifi not be
bombed. The ramifications are

endless.

In the middle sits toe frish-
American co mm unity. Many of
its members have never been
to Ireland and might bo sur-
prised that their virion of a
lami of l ovable, jig-dancing,
oaHad-singing, whiskey-swigging'
rascals has more to do with
Hollywood than with 'reality.

“Their sense of Irish idea*
tity is broad rattier than deep,”
as one Irishman living in toe
U-S. tactfuHy put it “They all,
to a. man, want Irish unity but
they seem btissfuly unaware of
the obstacles— -such as, the 20
per cent of Irishmen living in ..
Ireland to who nrthe idea is
anathema.”

Consequently, toe' lobbyists
most likely to make an inan e- ■
diate appeal to their sympathy
are organisations such as Norard
and .the - Irish National' Cmewts,
whose message as simple and
direct: “ Brits out”

These groups have gtrong
toric links Wito many of . the
mpre . powdEftd-v-UJs, trade,
unions, soeff as the- Lougsbore-;
men's Association, and with the
best -established Irish-Amerieqa •
.organisations su6h - as the
Ancient Order of Hibernians,
which was founded in 1836 as a.
welfare organisation farjlrish

-jsnmigritQts.' j" -s'- •*’. '-S'

The . organisation ‘cw ipater
lifer difficult far the .Ir&h .£&*•-
eroptent, -which

Americana - fa; pasS^ toSr- '
congressman tojfizfjpresshre-on-
tbe British but which alsohas .*
as much to lose from 'fafrIRA4LS-.
efo-toe British. ..

effective « nnruis
by tub Irish Government Ik done
through toe Friends or Irefandu'
& group- of around- 66 congress^
men headed by Senator Edward
Kennedy, Senator Daniel
Moynihan, Mr Tip O'Neill,

Speaker of toe House of Sep
sentatives, - and Governor Hu

GareyofNewVork.

. . . J-t was 'aeti up five ■ year* a
to an -attempt; to moderate i
-influence ' ef ; the ult
Mtkmalist -Ad -Hoe Congr
: - Committee far in

•Affaira, A -gtwfa of 130 - ci

beaded by Mr Ma
yaagSS- : Bbto •: groups £
currentijr competing to^et tin
wtt resolutfon on plastic b
•Jefr.befare Congress.

.■^^etoer , '-.jil-toe -players
the Jrfg propaganda battle ha
any ; testing impact on th«
ostensible audieno&the Ame
can' public, is doubtful '
HubUt, interest , Ulster

8UJS, flares ;Bi times- of stref
xueh , as fast year’s ^ hung
jearikes, . but -dlw aiaaost ;
-quittcly. Bat then, America
-public interest . is virtual
-Irrelevant to the real battle.

Prior speech, Page 9 ■

9

UK NEWS - PARLIAMENT and POLITICS

Railways’ future
very dark,
Howell says

BY IVOR OWEN

AN EARLY DECISION to call
off the train drivers’ strike must
be taken by Aslef ifitvants
to avert the closure of the rail-
way system next weiek, Mr. David
Howell, the Transport Secre-
tary, declared in the -Commons
yesterday.

He said : **Hie path ahead for
the railways of this country is
now very dark. Vast resources
are being bled away. 1
Thousands of jobs could dis-
appear for good.

■* Travellers and holiday-
makers are beiog. caused much
bitter misery and suffering.”

Mr Howell’s firm endorse-,
ment of the latest tough stand
taken by the ER board against
Aslef coupled with- renewed
attacks on Mr Mtebaei-Foot, the
opposition leader, for his
'‘bizarre’' speech at the Durham
miners’ gala giving support to
the unions, was loudly cheered
by Government supporters.

Some Tory back benchers
pointed accusing fingers at Mr
Foot and his colleagues and
dubbed them “guilty men"
when Mr 'Howell contended :

“ Those who called this unneces-
sary strike, as well as those who
have given -comfort and 1 succour
to the strike, carry an immense
and direct responsibility for all
this damage and all this suffer-
ing."

Mr Leslie Spriggs (Labour St '
Helens) who is sponsored by the
National Union of Ralhraymen, .
which has accepted flexible
rostering,, added 40 -the discom-
fiture of the opposition front
bench by asserting that many
Labour MPs attacking the new-
working hours introduced by
the BR board did not know what
they were talking about.

As a railwayman, of many
years standing he believed that
the new rosters would be “a
real service" to 'every railway-
man.

Mr Howell commented: “I ■
hope very much - that the pracs
•(deal wisdom o£ Mir Spriggs. -
based onhaH and real esper- '
ience. will he listened to very
closely by his more theoretical,
colleagues who seem afi too
eager to plunge - the industry
into grave dangers for no good .
reason at att." . .

Mr Albeit Booth, Labour’s
shadow Employment Minister,
again condemned Mr Howell's
failure to take any initiative de- .
signed -to end the dispute and
challenged Mm to say whether
there was anything in "the pro- ,
posals .made by Aslef ' to the .
Advisory, Conciliation end Arbi-
tration Service on Tuesday
night which justified their r&
j ecu on by the BR board.

He contrasted the . efforts
made by Mr Foot- to secure a
settlement through Ms meetings
worth Sir Peter Parker, the BR
chairman, and Mr Raw Buckton,
the Aslef general secretary,
with the Minister's " abroga-
tion *’ of his responsibility to
try to aet the raftirays running
again.

Mr HoweU -regretted that the
last-minute efforts of Acas had
not met with •; success but
claimed that it was dear that
Aslefs offer would do no more
than fudge and delay an issue
which had already- heen fudged
and delayed for a long time.

Such a course, he said, would
not be in the interests of the

Albert Booth: challenge to •
the Minister -

majority of railway workers
who bad adopted the new prac-
tices and who wanted a' hew'
and modernised railway system.

Mr HoweU angered Ms Lab-
our critics by recalling the
attacks made on opposttioa
leadezs by Mr Sydney Weighed,
hhe NUR general secretary, and
of Ms plea to Mr Pool to “ be-
have like a leader.”

Mr Leslie Huckfieid (Lab
Nuneaton). parliamentary
spokesman for Aslef. insisted
that it wasYactually correct that
the BR hoard had refused to
- negotiate when the union’s
executive offered precisely what
the board had itself been seek-
tog two weeks before.

He protested that this week,
local BR management had been
using threats, bullying end
intimidation against Aslef
members.

Mr Huckfieid said such tactics
confirmed Ms view that both Mr
Howell and the BR board bad
am along been seeking a
deliberate confrontation with
the unions.

Mr Howell retorted that Mr
Huckfieid could not escape the
fact that the BR board had bent
over backwards to provide ways
in which flexible rostering could
be introduced. The response
of -the Aslef '. executive on
June 20 bad been to call a strike.

The Minister assured Mr
Huckfieid that ' any change of
heart by Aslef would be
welcomed by the ■ Government
and the BR board.

Mr - Tom Bradley • (SDP,
Leicester East) a past president
of the Transport Salaried Staffs .
Association; said ibis union, like
the NUR, had condemned the
present disastrous situation.
But he urged the Minister to
intervene V- to get the parties
round the negotiating table
rather than to continue to
“shrug his* shoulders.”

Mr Howell replied that a
decision by Aslef to call off the
strike must be the first step.
As long as the strike was hang-
ing over the situation it was
difficult to see how sensible dis-
cussions could take place.

Mr David Stoddart (Labour,
Swindon) accused the Minister
of 'acting like a later-day
Pontius Pilate.

In a reference to the possible
closure of the London Under-
ground he contended : “ You
will have to intervene even-
tually. particularly if the capi-
tal comes to a standstill.”

Jenkin
backs call
for lower
pay deals

By John Hunt,

Parliamentary -Correspondent

.THE RECENT call from Sir
Geoffrey Howe. Chancellor of
the^ Exchequer, for a -further
substantial jail in the level of
. wage setlements was repeated
and strongly underlined in the
Commons last night by Mr
. -Patrick Jenkin, the Industry
Secretary.

The speech by Sir Geoffrey,
made early last week, met with
a storm of protests from trade
onion leaders.

Mr Jenkin backed it up last
- night when, he -replied to a
Labour motion protesting at the
‘'.drastic increase ” in unemploy-
ment in every region and con-
demning the Government's
regional policies as totally
inadequate#

Mr Jenkin told the House:
“The Chancellor was right to
stress- that there can be no let
up on pay.”

It was important, said Mr
Jenkin, that the Government's
policy aimed at greater com-
petitiveness must - be sustained
over many years. Britain had
a long way to go even to get
back to the relative position of
competitiveness of 1975.

All the - efforts of industry
to improve efficiency would
come to nothing, he said, if the
whole benefit was swallowed up
in higher pay

If inflation was coming down,
he thought it made sense from
evexy angle that pay settle-
ments should come down as
well.

“ We . must continually
hammer home the message that
higher pay must be earned by
higher output”

If pay was poshed up higher
than in competitor countries
then the consequences could
only be loss of pobs and longer
dole queues. Mr Jenkin said that
inflation was now running in
single figures aifd this held out
the prospect of the rate coming
down steadily for tjje rest of
this year and into next year.

Emphasising that further re-
ductions m inflation were the
primary target he said: “If we
were to- embark on policies
which led to the resurgence of
inflation we would forfeit the
confidence of the great mass of
•British industry."

According to Mr Jenkin there
was good news on the production-
front Tuesday's figures had
shown that industrial production
was up in May. Most forecasts
indicated that the underlying
measure of output was expected
to rise 'In the second- half - of this
year. _

There are welcome signs of
economic realism right across
the country."

Mr Jenkin condemned pro-
posals in Labour’s latest policy
document. They envisaged the
state takeover of the most
successful companies, not by
democratic act of Parliament
but by statutory instrument.
Economic .reality was not
allowed to intrude in the docu-
ment. he said.

In a fierce attack on Govern-
ment policies Mr John Prescott,
Labour's regional spokesman,
said the recent proposals on
assisted areas were totally in-
adequate. In three years of Con-
servative rule there had been
the highest level of unemploy-
ment and the largest fall in total
output Against that background,
he said, no regional policy could
succeed.

SDLP AND DEVOLUTION

BY MARGARET VAN HATTEM. POLITICAL STAFF

Secret union ballots planned

BY JOHN UXtfD, LABOUR 6DITOR

THE GOVERNMENT is to hold
early consultations on legisla-
tion requiring " unions to use
secret baHbtii in elections, Mr
Norman Te-bbit, the Employ-
ment Secretary, said yesterday.

Speaking at a Policy Studies
Institute seminar in London. Mr
Tebbitsaid: “It is now.clear that
many trade unions have not
shown the will to. take the neces-
sary -action themselves. The

Government .will therefore look
more seriously at what options
are open to them, including
legislation. . . to achieve ' what
must be the common goal of
making unions more represen-
tative and democratic."

Earlier, in . an LTV interview.
Mr Tebbil said that he hoped
unions 1 would take part in the
consultation process. ,He added,
however, that, “there is a

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strong implication hat if .they
haven't moved on this issue
over many years, the unions are
.. unlikely to move voluntarily."

He said he did not believe
that union leaders spoke for
13m people— tie total union
membership— and added: “They
(the union leaders) talk about
their members as though they
were m Domes or sheep— and I
- don't believe that the members, -
who are really the trade unions,
hold the same view as their
leadens.”

Mr David . Waddington, a
junior Employment Minister,
complemented . Mr Tebbifs
attack on union leadership when
he told a CBI conference in
London yesterday that excessive
union power had often stiffed
genuine conns unication between
employers nad their employees.

“ Managements have been
encouraged to • abandon com-
pletely their responsibility for
Informing employees- about the
financial position of the under-
taking and the changes required
to make it prosperous. They
have relied .entirely on shop
stewards and nnelected union
officials for communicating with
the workforce.

“In some enterprises it is
Still the union alone which
decides what information should
be passed on and what witheld.
Management shrugs off its res;
ponsihOities to employees ana
ignores the challenges in favour
of a quiet life.”

Youth casualties

FIVE youngsters died In the
njiw months .ended March
this year while working on
Youth Opportunities ’ Pro-
gramme courses. Hr Peter
Morrison, Employment Under
' Secretary, said tn a Commons
written reply. He did not give
tiie circumstances of the
deaths.

In a total of 2,652 accidents.

32 youngsters lost part or aH
of o finger, hand, toe or foot.

34 suffered eye injuries and
453 sustained fractures.

A WIDELY FORGOTTEN Act
of Paridament , threatens to
wreck die Ulster Secretary, Mr
James Prior's plan for devolving
power to- Northern Ireland.

It would prevent a leading
member of the Social Demo-
cratic and Labour Party,
Ulster's only major nationalist
■party, from taking a seat in the
new Northern Ireland assembly.

The SDLP whose support is

crucial if fih-e- new assembly is

to achieve tire cross community
support required for a transfer
of power, may well boycott the
October 30 elections for the
assembly, unless the law is
changed.

Mr John Hume, the party
leader, yesterday described the
issue as? a “ time bomb.” .

Mr Prior has ruled out any ■
change in the law. For, apart
from lack of time left in the
present session of parliament,
he is understood to consider
that the necessary amendment
would have no chance of
getting through the Commons.

Recent opposition to his
Northern Ireland Devolution
Bill may well have streng-
thened him in this belief. '

The Act in question is the
1975 Northern Ireland Assem-
bly Disqualification Act which
bars civil servants, members of
the judiciary, the police force
and armed forces and, most
significantly, "any member of
the legislature of any country
outside the Commonwealth.”
The Act gives the Secretary of

Thatcher

rebuffs

FaUdands

REGRET that British service-
men who died in Northern
Ireland had not been
honoured' as had those who
died in the Falkland Islands,
was expressed yesterday by
Mr Janies Prior, the Ulster
Secretary.

“I feel' a IttUe regretful
that the - over 400 British
servicemen who have given
their Jives in Northern Ire-
land. let alone the 3,000
murdered, . have not been
honoured to the manner in
which we have honoured the
Kalklands people," he said.

Mr Prior was speaking at a
Parliamentary Press Gallery
lunch the' day after the
an no on cement of a campaign
medal for the FaUdands
battle.

■ He went on to defend bis
decision to press ahead with

State no discretion to waive its
provisions.

- One man thus disqualified is
Mr Seamus ' Mai Ion. deputy
leader of the SDLP, who
earlier this year was appointed
by Mr Charles Haughey, the
Irish Prime Minister, to a seat
in th Irish Senate.

The SDLP has made no
secret of its bitter opposition
to -Mf Prior's devolution plan,
which it considers unworkable.
Since elections are the only
barometer of electoral support

plans for assembly elections
and “ rolling, devolution n for
Northern-lreland. He believed
he was right in adopting the
same step-by-step approach to
Northern Ireland Government
that he had used as Employ-
ment Secretary to industrial
relations.

The Ulster Secretary said
it was far too easy for the
people of Northern Ireland to
place the responsibility for
everything that went wrong
oo to someone else, generally
the “Brits” and tbe British
Government. 44 Until you get
a situation where people have
more responsibility you will

continue to get extremism.”

That accounted for the
growth or support for the Rev
Ian Paisley and the losses of
the Social Democratic and
Labour Party to tbe
nationalist extremists.

in the province, the party may,
to some extent, feel trapped
into taking part in the Assem-
bly elections unless .it can find
an acceptable pretex' for opting
out.

The party executive is due
to meet next month to decide
whether to stand. Any decision
to boycott the elections on this
issue would embarrass the
Government, calling into ques-
tion the legitimacy of tbe
recent 'White Paper on
Northern Ireland.

hint

By Our Political Staff
MRS THATCHER yesterday
rebuffed suggestions by the
United Nations Secretary- .
General, Sr Javier Perez de
Cuellar, that negotiations might
be resumed between Britain and
Argentina over the Falkland^
Islands.

Sr Perez de Cuellar, who met
the Prime Minister for an hour
yesterday while on a two-day
visit to Britain, raised the
question of future negotiations
over the sovereignty of the
islands. Mrs Thatcher insisted, '
however, that sovereignty was
not negotiable and that further
talks on the issue were out of
the question.

The Prime Minister has made
R dear that she considers the

. ' Roger Taylor

Mrs Thatcher with Sr Perez de Cuellar at Downing Street

United Nations' role in the
Falkfllands affair to be over. The
Secretary-General has made it
equally clear that he does not
take this view and is determined
to get the British and Argen-
tine Governments talking again
as soon as possible, by proxy, if
necessary.

According to Downing Street,
Sr Perez de Cuellar did not

press the issue at yesterday's
meeting, which was described
as "extremely warm and
friendly.”

Mrs Thatcher is said to have
praised and thanked the Secre-
tary-General for his efforts in
the earlier negotiations and to
have given him a full briefing
on the return of Argentine
prisoners-of-war.

of stockholders and the size of

In the White Paper the
Government gave clear and
unequivocal recognition to the
right of toe nationalist minority
to consider themselves Irish and
to express their Irish identity
and their aspirations for
Irish unity through legitimate
political activity.

If this excludes Northern
Irish politicians who sit in Irish
political institutions, the SDLP
argues that the unique relation-
ship between Britain and
Ireland, to which the British
Government has often referred,
and the concessions offered to
nationalists in the White Paper
are worthless.

The SDLP. already deeply dis-
appointed by the Northern Ire-
land Devolution Bill, which is
clearing its fast stages in Ihe
Lords, has been angered further
by Government hints that the
setting up of a parliamentary’
tier for tbe year-old Anglo-Irish
Council may be a long way off.

That parliamentary body
would provide a forum Tor
Northern and Southern Irish
nationalist politicians to work
together. But Ministers have
indicated recently that because
of present strains between the
London and Dublin Govern-
ments, the move is likely to
be delayed. The SDLP regards
this as a blatant attempt to
blame Mr Haughey for ttie
British Government's unwilling-
ness to make a move.

Lords inflict

speeding

defeat

THE GOVERNMENT was de-
feated in the Lords yesterday
when peers backed an amand-
ment to the Transport Bill out-
lining fixed penalties for speed-
ing offences.

Voting for a two-tier struc-
ture of penalties, which would
take account of technical
offences as distinct from serious
ones was 74 to 66.

Urging the change during the
Committee Stage, Lord Lucas of
Chilworth (Con) explained that
the provision would ensure that
for purely technical speeding
offences where ' there was no
reckless driving or incon-
venience to other drivers .the
penalty would be less than if
the driver attempted to argue
the case and went to court.

For the Government, the Earl
of Avon argued that the provi-
sions of the 1981 Act should be
continued. “I think we really
must give it a chance before we
start changing it.”

Economy
doing
better than
expected

By Our Parliamentary

Correspondent

THE ECONOMY seems to I
faring better than forecast

the time of the Budget In tt
spring, Mr Leon Rrittan. Chi'
Secretary to the Treasury, to
told the Commons.

He was speaking car.
yesterday when the Flnanc
Bill was Alien a third readit
by a majority of 91 (274-183

“ On inflation, as on intcre
rales, we have seen fnrthi
progress since the Budget
Mr Brit tan toil! the House.

"We will be the first Hover
ment for a quarter of
cenlury successfully to rediu
the average rate of Inflatic
during its term of office.”

Mr Brillan said the Finam
Bill contained a large numbi
of valuable intproi emenls i
the lax sistent designed *
help businesses and inil
viduals. For the third succe
sire year there was a parka?
nr measures to help new an
existing small businesses.

MPs call for
urgency
on seatbelts

MPs from ail sides pres.se
the Government in the Con
mons yesterday to speed o
Uie introduction of cornpu
sory wearing or seatbelts. Th
new law was included in to
year's Transport Acl. but t
not likely to be implomcnlc
until next March.

Mr Toby Jcsscl (Con Twicl
enham) protested: “ Ever
week's delay costs 14 live
and some 200 serious it
juries.” He said it was a yea
since parliament had aj
proved the law. The Depar
ment of Transport shoul
make baste to comply wit
the clear will or parliament.

Mrs Li nda Chalker. Tran-
port Under-Secretary, replie
that the necessary reguh
lions had heen laid befor
parliament i»n Tuesday. Bu
once they had been approve*
there had to be a 23-wee
period before they came ini
force.

She would, however, coi
sider speeding up the inter
duction of rules affeetin.
children under 14. “I nil
certainly look to see whet he
the protection for children

Replying to Mr Roger Slot
for the opposition, who sail
the regulations £honId he de
bated and approved betor.
the summer recess, Mr
Chalker said she was doin;
her best to see that was done

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yH: -

j Dividend
j!“ payments
may be hit
| by action

By Brian Groom, Labour Staff

; BRITAIN'S largest finance
' industry- union is planning
5 the possible disruption of

0 dividend payments to up to

700.000 shareholders in 135

r companies.

c These include Midland Bank,
; Dunlap Holdings, Tesco
Stores Holdings. . Standard
Chartered, Britannia Arrow

1 Holdings, Sedgwick Group,
* Glynwed and Dowry.

„ The share registers of all these
are. 'handled by the Midland,
bat the bank is to run down
~ its loss-making Registrar's
Department and dose it in
. July 1983.

Midland has offered to make
every effort to redeploy the
106 staff in the department,
situated in Sheffield, but has
refused to give an absolute
guarantee of continued
employment.

Members of the Banking, Insur-
' ance and Finance Union
: intend to mount a campaign
" nf non-co-operation. The first
-phase, to start in a few days,
will be a refusal to co-operate
with- the transfer of share
registers from the bank.

- This is designed to disrupt the

closure programme without
’ “unduly" affecting the pub-

- lie. Bifu is n ot disclosing its
next target, but it is under-

» stood this could be disruption
of dividend payments to ail

- shareholders.

The precise effect depends on
how many companies'
registers were still with Mid-
£ land, and whether dividend
payments were due during
the period of the action.

The bank said yesterday that
T . it . understood that a ballot
of Bifu members on industrial
action had still to take place
by the end of this week, and
it hoped the issue could be
resolved.

_ However, it acknowledged that

- action by Bifu. which repre-
} sents most of the staff, could

have a disruptive effect.

Mr Hedley Woods. Bifu assist-
ant secretary, said: "I hope
Midland will respond with a
guarantee of continued em-
ployment for all my members,
as it must be clearly under-
stood that unless this guaran-
tee is forthcoming we will be
forced to step up the cam-
paign-”

He added: “This could ultima-
tely result in the severe dis-
ruption of share transfers and
the payment of dividends.”

Financial Tim® Thursday Jttfy X5~i3££

UK NEWS - LABOUR

Barclays ready to force Saturday opening

BARCLAYS BANK Is set to
force through its planned re-
introduction of Saturday
opening at selected branches
m the face- of threatened in-
dustrial action by both its
unions.

The Banking, Insurance
and Finance Union yesterday
followed the biggest onion,
Barclays Group Staff Union,
in deriding to ballot its

13,000 members on action.

It will take a different form,
however. Bifu will urge mem-
bers to vote for a blacking
on Mondays and Tuesdays. of
Saturday-related work* ""

“We will have to put our
tin hat$ an,*’ one senior Bar-
clays executive said last night.

The result of Bifn*s ballot
will be known . early next
month. -

BGSU confirmed that it will
go ahead with a bailor of its

33,000 members, after the
bank refused -its request for
an absolute commitment to
grant compensatory time off
during the week for staff who
work on Saturdays.

The union wants Its mem-
bers to go home an hour early
on Friday, August 13, and
start work an hour late on
Monday. August 16 — * tRe
weekend on which the fir#
33 "branches open on Satur-
day.

Members would subse-
quently refuse bo work volun-

tary unpaid .overtime, ad a
further ballot might be held
on stronger action.

Barclays believes there is a
good chance that BGSU mem-
bers wfB re j ect fbefr leaders?
fiaffot ' yeconunendafiooL St
believes the proposed action
“could Hove been ’ worse ." as
one manager pot it

It also feels It is well on
the way to receiving enough
volunteers to carry out its
plan. So. Bar It has received
10,183— enough to staff 333
branches, though vat the full

■fflfrpfQSL

Barclays yesterday offered
a pilot scficane of compensa-
tory time off in one of Its

districts, which could be
applied generally If success-
ful, but BGSU said this was

Inaiflifiwit.

The onion believes time off
Is the only way to guarantee
the sanctity of the five-day
week. Barclays ays ft would
lead to increased pressure In
branches where staff were
absent for periods during the
week.

Barclays gave an assurance
that no compulsion would be
introduced is any possible
farther extension of banking
hours.

Biftfs decision was taken at
a two-day meeting of Its
executive in Birmingham

‘Watershed’ in banking history

LEADERS OF* Barclays - Group
Staff Union believe they have
taken an historic step by
threatening industrial action —
for tiie first time ever — over
toe bank's plan to open at least
400 branches on Saturday
mornings this autumn.

“No-one will now be able to
call us a pansy or sweetheart
.onion,'* one of them claimed.
He was womg: other people
will continue to do so, whether
justified or not . The BGSU
argues that its threat is a water-
shed in the history of the
En glish clearing banks, even if
— as is quite possible — it is not
carried through.

None of the three former
staff associations at Barclays.
National Westminster and
Lloyds, which now make up the
93,000-member Clearing Bank
Union, has ever taken industrial
action.

Until now such action has
been the preserve of the 000*5
TUC-affiliated rival, the Bank-
ing. Insurance and Finance
Union, with 70,000 members in
the English ciearers. But the
CBU is now drawing up options
for action next year if the banks'
try to force through a third suc-
cessive pay deal below inflation.

Mr Jack Britz, CBU general
secretary, believes that even if
industrial action by his union
does not happen aver this or
over Barclays' Saturday open-
ing, it will come—peFhaps
within two years. And once it
has happened, the relationship
between the banks and large
numbers of their moderate,
easy-going £taff may never be
quite the same again.

The main reason for it, Mr
Britz says, apart from social
change, is the hard line being
taken by the banks on pay and
all cost items, and their refusal

Brian Groom looks at the BGSU
threat of industrial action

to consult unions cut several
issues. He accuses them of tak-
ing advantage of the high unem-
ployment. and exploiting the
moderate nature of their staff.

“It is the attitude which
says we can get away with any*
thing, but it can lead to excess,
and in the final analysis staff
will react” he says.

Barclays is cited by its staff
union as a prime example of that
attitude* In (toe past year.

BGSU says, Barclays has insti-
tuted a productivity improve-
ment without consultation, taken
a high-handed attitude to study
leave and a restrictive attitude
to staff benefits, and finally
imposed Saturday opening, also
without prior consultation.

Mr. Leif Mills, general secre-
tary of. Bzfu. takes a less
apocalyptic view of the state of
industrial relations. "The banks
have always been profit-
motivated. The market place is
much tougher now. it is much
more Competitive, and that and
the recession are reflected in the
industrial relations. But there
is no fundamental change in
bank philosophy. They have
always ben difficult employers.”

That is an understandable
Bifu viewpoint Although the
union has taken more industrial
action in the last five years than
m the previous 50, it has gone
through a relatively quiet period
since its national industrial
action over pay in the spring
of last year.

It also reflects Mr MHls*
calm approach to his job. “ It
is a more confrontational

society, and* I regret that
became Fd rather disputes
were solved Taj agreement, but
I don't, think we are worse off
than any other industry."

Bankers, understandably, are
keen to agree that they are
not doing anything - nnnsnat.
As one put it: “People think
industrial relations are good if
they are getting what they
want If they don't, they think
industrial relations are awfuL"

But some agree that banks
are taking a new and perhaps
i r re ver si bly tougher line on
staff costs in the harsh com-
petitive ggft c nm eir

Staff costs are roughly two-
thirds of the- banks' operating
costs. Banks feel entitled to
some relief fawn this as they
pour investment into labour-
saving new technology, but be-
lieve they are not getting it

The clearer^ staff costs rose
by between 16 and 22 per cent
last year— a bower rate thafi
some previous years. Staff find
it hard to accept belowmflation
pay rises when they see profits
like National 'Westminster’s
£494m last year— up 20 per cent
—but' many bankers are wor-
ried about the vulnerability of
their profits to a significant faU
in interest rates.

Retail Banker International
calculated that if banks had to
pay interest on * current
accounts, a 5 per cent rate
would h^e wiped out Midland’s
profits last year. At NafWest
it waul dhave taken 9 per cent
and at Barclays 12 per cent

la addition, banks have been

under strong pressure from the
Government, industrial cus-
tomers and industrialists on
their boards not to sign salaries
and conditions deals which
would have an advers e im pact
elsewhere in the economy.

Thus the last tiro years’ pay
deals hare been below inflation
— although banks say falling
staff turnover has increased toe
number ©£ salary increments
paid, and actual salary levels
have kept up.

It would be too much to sug-
. gust torn staff attitudes have
changed overnight, even though
some resentment may have built
up. “There is a world of differ-
ence between accepting toe
principle of industrial action
and carrying it out,” says Mr
Britz.

But, he adds: " Two years ago
members could not even have
thought about industrial action
without bre aking into a sweat"

Some CBU leaders believe
the banks must realise sooner
or later that their tough tine
cannot go on forever. Mr Britz,
however, suspects they will sot
be able to resist continuing
until possibly irrever si ble
damage is done.

The banks’ problem, he says,
is that they are acting as if
their backs are against the wall,
when that is . not the case.
“They are acting as if they
were BL,” he says.

Mr Britz believes the unions
would be much stro n ger to-
gethe. As it is, they have chosen
two typically different forms of
industrial action at Barclays.

The CBU has pushed far
closer working with Bifu, pos-
sibly leading to a merger of
equals, but has been rebuffed.
Bifu wants to take over the
individual staff unions on Its
own terms.

Long-term
jobless ‘may
reach lm
this year 5

8y A bn Pika, Industrial
Correspondent

THE PROBLEM of long-term
unemployment will grow
during the mid-1980s, the
Manpower Services Commis-
sion says in its 1982 man-
power review published yes-
terday.

It Is expected that the long-
term jobless win reach lm
this year. It Is also forecast
that the long-term unem-
ployed will make up nearly
two-fifths of an the jobless
through the mid-1980s.

“If the labour market re-
mains sluggish there could be
a sharpening contrast between
workers still in jobs but reluc-
tant to face the risks of
moving from them, and the
lack of opportunities for those
dislodged from employment
and for new entrants or re-
entrants to the labour force —
predominantly school leavers
and married women.”

The review records that the
demand for labour continued
to fall last year, with particu-
larly severe drops In declin-
ing manufacturing industries.
There was a decline in the
level of notified redundancies
during the second half of the
year, with unfilled vacancies
at jobcentres rising above
100,000.

On youth unemployment in
Which the commission is meet
deeply Involved, the review
says school leavers wBl In the
immediate future be increas-
ingly dependent on special
measures or continued educa-
tion. Prospects for young
people should Improve during
the second half Of the decade
when fewer school louvers
will enter the labour market
fur demographic reasons.

One of the major features
of the British labour market
over the'past 20 years, says
the review, has been the
development of ' part-time
work. This has accounted for
most of the growth in employ-
ment during the past decade.

In a review of technological
change, the commission says
the employment and produc-
tivity effects of new tech-
nology have so far been less
significant than is often sup-
posed. “ This is to be
expected, given the impact of
the recession," it adds.

Manpower Review, 1982 —
Manpower Services Gomnss-
sion. Copies available from
MSC Secretariat.

- ^ HUB • 'qure TOW

BANK OF SCOTLAND

Base Sate

h The Bank of Scotland intimates, that as from
0 14th July 1982 and until further notice, its
1 Base Rate will be decreased from 12%% per

annum to 12% per annum.

\ m ‘ ^

LONDON, BIRMINGHAM & BRISTOL

■ OFFICES— DEPOSITS

The rate of Interest on sums lodged for a minimum

period of 7 days or subject to 7 days’ notice of withdrawal •

.. will be 9% per annum, also with effect from
‘ 14th July, 1982

APPOINTMENTS

Retail research company
to he formed by Courage

Mr Peter Webber is joining
COURAGE in September as
development director of Cour-
age Brewing and wianagfng
director designate of a company
shortly to be formed by Courage
as its retail research and deve-
lopment company. Mr Webber
has been with Grand Metro-
politan for X2 years, latterly
with toe hotels division as gr oup
catering director.

*

Mr John HorreU, a member of
Cambridgeshire County CountiL
was re-elected chairman of the
ASSOCIATION OF COUNTY
COUNCILS (ACC) at the
Association’s annual meeting in
Loudon. Mr Harry Purcell, of
Hereford and Worcester County
Cnnneif, formerly chairman of
toe ACCs police committee, has
become the -new vice-chairman
of the Association.

★

Sir George Kenyon will retire
as chairman of WILLIAM
KENYON AND SONS on August
2 after 21 years as chairman and
50 years with toe firm. He will
remain on toe board as a non-
executive director. The group
managing director, Mr C. G.
Kenyon, will became chairman
and win remain group chief
executive.

★

Mr J. D. Webster (Son Life)
has hwn elected chairman of
toe BRITISH INSURANCE
ASSOCIATION INVESTMENT
PROTECTION COMMITTEE in
succession to Mr B: Medhorst
(Prudential). Mr D. S. Esock
f Commercial Union) and Mr
C E. Parker (Eagle Star) have
elected deputy chairmen.

★

PROCTER AND GAMBLE has
established the new post of
manager, personal care products, -
filled from August 1 by Mr A. XL
Welch, who is already a director
of the company and member of
its management committee.
Among those reporting to Mr
Welch will be two new members
of toe company’s management
committee. Hr X. F. Orr, who
takes over Mr Welch's present
responsibilities as sales manager,
personal care products, and Mr
H. Trainer, who becomes product
development manager of the
division.. Mr G. BL L. Davis,
currently toe division's advertis-
ing director , is transferring to an
assignment with toe parent
company in Cincinnati.

★

Mr Brian J. Moulton, managing
director of Glytxwed Plastics, baa
been appointe d mawagfng
director of DURAHPE INTER-
NATIONAL. .

Hr J. Desmond Cassidy and
Mr David Travers have been
appointed executive directors of
DPCE, (HOLDINGS). Both
remain on toe board of DPCE
(UK)- as sales and marketing
director and operations director,
respectively. . Two appointments -
have been made to the board of
DPCE (UK). Mr Harvey Tordoff,
previously the company's

financial controller and company
secretary, becomes financial
director; and Mr Rodney
Marshall, previously support
services manager, is made
purchasing director.

★

Mr M. J. Dunn has been pro-
moted to manager of NRG
LONDON REINSURANCE COM-
PANY.

*

Mr Edward J. Turner ha s bee n
appointed to the board of HELI-
CAL REINFORCEMENTS, part
of toe Helical Bar Group. He
joined the company in February
from Aerated Concrete where he
was national sales manager. .

BRITISH TRANSPORT DOCKS
BOARD has appointed Mr
Andrew Kent as docks mgn»ffl»r
for the East Anglian port of
King's Lynn. . He succeeds Mr
Bob Owen, who died suddenly an
July 3. Mr Kent was operations
manager, Sout hamp ton.

+

Mr Stuart Mein lyre has been
a director of PROPERTY HOLD-
ING AND INVESTMENT TRUST
since 1966 but has decided that
be now wishes to retire. Mr
Rinloix Holl an d, a director and
chief general manager of Pearl
Assurance, is to join toe phtt
board.

Mr Peter Dayman has been
elected chairman of council of
toe ASSOCIATION OF CORPO-
RATE TREASURERS. He te
finance director of toe XSnm
EMI Engineering Group.

*

ITEK INTERNATIONAL has
apraninted Mr Peter F-ake as vIcp-
president and general manager
for Europe, Africa and. toe
Middle East operating from toe
company’s . international head-
quarters in Windsor. He came
to Itek two years ago as director
— sales operations^

*

The RELIANC E MU TUAL
INSURANCE SOCIETY ; has
invited Mr Dennis F. Gilley to
become a nonexecutive director.
He is a consultant partner of R.
Watson and Sons, Rejgate, and a
director of Ringiey Employee
Benefit ConHsunicaticms.

*

SUN LIFE OF CANADA has
appointed Mr Tony Heath as
vice-president, group, in the com-
pany’s British national office.
Be has been toe company’s
assistant vice-president, group,
since January 198L
■*

Mr Coen SoHeveld, newly -
elected president of the INTER-
NATIONAL FEDERATION OF
PHONOGRAM AND VIDEO-
GRAM PRODUCERS, has made
two senior executive appoint-
ments, Mr lan Thomas becomes
director ge neral and Chief
executive of IFFI. Miss Gillian
Davies has 'been appointed
associate director general and
chief legal adviser.

THOMAS TILLING ‘has
appointed Hr David D. Rae

Smith, as a non-executive direc-
tor.- He was senior partner of
Deloitte Haskins and Sells, until
his retirement

*

Mr Alan Hlnkley has been
appointed a director of COUNTY
BANK.

'•*

.. . NORTH. . . CAROLINA
NATIONAL BANK CORPORA-
TION, has promoted three
officers of toe London branch
of the Bank to vice-president
They are. Mr Paul R. filmland,
toe financial controller, Mr C.
Alan Medearis, a leading officer
In the international division, and
Mr Adrian C. Richardson, who
has ■ also been appointed chief
dealer kt the funds management
group.

■ Greyhound Guaranty, London-
based banking and financial sub-
sidiary of The Greyhound Cpn,
has formed a new w holly-owned
subsidiary, GREYHOUND FIN-
ANCE INTERNATIONAL. The
chairman Is Mr Geoffrey Evans,
who is also chairman of Grey-
hound Guaranty and was, until
his retirement last year, a joint
general manager of Lloyds Bank.
Mr Michael Woodford, formerly
an associate director of Barclays
Export Services, has joined the
board of GET as managing
director, and Hr ’ Ronald de
Vries, who was also previously
with toe Barclays Bank Group,
has been appointed executive
director responsible for overseas
development

*

Mr Stephen Snook has been
appointed a director of K3NIN-
MONTH MARINE.

H3NILFISK

largest manufacturer

rflrtabWSudlonCleanM

teylA Edmonds, Suffolk n?fl^CTiCT

Top union leaders
clash over TUC
links with Neddy

8Y JOHN LLOYD, LABOUR EDITOR

LEADERS OF two major unions
clashed yesterday over the
TUC's continued participation
in toe National Economic
Development Council (Neddy),
an issue which has sharply
divided toe TUC General Coun-
cil.

The dash between Mr Moss
Evans, general secretary of The

Transport and General Workers,
and Mr David B as nett general
secretary of toe General . and
Municipal Workers, came at a
meeting of the TUC’s economic
committee, of wtoieh Mr Basneti
is chairman. .

Mr Evans said that the
abrasive and hostile tone
adopted by Mr Norman Tebbit,
the Employment Secretary, at
last week’s meeting of the
NEDC pointed to the futility
of toe unions remaining on toe
counciL

However, Mr Basnett argued
that the hostility shown by Mr
Tebbit was a reason for re-
maining in. In spite of Mr
Tebbifs haring been given a
“contract to be offensive” to
union leaders, unions had to

counter this with, arguments
which would advance toeir
positions.

The committee endorsed toe
hard line taken by TUC repre-
sentatives at the NEDC meeting,
including total rejection of the
zero or low wage increases pro-
posed by the Chancellor for the
coming year.

Mr Basnett said after the
meeting that "the Government
is dearly determined not to
work with the trade unions and
other parts of society for a
solution to our, problem*. No.
consensus about economic policy
is possible as long as the
Government remains so hostile
to trade unions.” . .

Ttoe committee cane cfoeer
to adopting a pollcy in favour
of statutory backing for shorter
working boors. The likely out-
come of the TUC’s lengthy
deliberations on this issue s a
rail for an Act similar to toe
Equal Pay Act, which don not
have judicial force but provides
for cases to be heard by indus-
trial tribunals.

New EPTU secretary will
share power with Chappie

BY OUR LABOUR EDITOR

THE 400,000-strong Electrical
an d Plumbing Trades Union is
to hid elections for a general
secretary who will take over
from Mr Frank Chappie in the
near future.

Nominations for the post one
of the most important and
powerful In the Labour move-
ment will be called in Septem-
ber, with a postal ballot in
November or December. Ballot
will be by simple transferable
vote, conducted by toe Electoral
Reform Society.

Mr Chappie, 61, will run the
union in tandem with toe suc-
cessful candidate for an unspe-
cified period. He need not
retire until he is 65 and will
serve his full term as next
year's chairman of toe TUC if,
as is almost certain, he is
elected to the post at Septem-
ber's TUC.

His retirement will mart; toe
end of a 16-year stint as general
secretary of the EPTU and of a
career which- he began as a
Communist, switching to a hard-
line anticommunist in the mid-
1950s.

He has 1 since been- ah' out-
spoken critic of the Left in the
Labour movement attracting

equally outspoken hostility, and
a goad deal of quiet support
from TUC colleagues less wil-
ling to publicise their disagree-
ments with Left-wingers.

The post is certain to be hotly
contested. Candidates from toe
dominant Right wing are likely
to declare themselves soon.

The presen* favourite is Ur
Eric Hammond, executive coun-
cilman for the Home Counties,
who lute taken, over some of Mr
Chappie's public appearances
and attracted much the same
kind of hostility frflm the Left

A candidate with a much
lower profile w ould b e Mr Roy
Sanderson, the EPTU national
officer for engineering, com-
manding considerable respect in
and out of toe union for his
competence andllllgecce.

Others like! yto declare are
Mr Paul GaHagher, executive
councilman for Manchester; Mr
Lou Britz, Londno regional
officer; and Mr Tom Rice,
national secretary of the white
colair section, EESA. -

• From toe left the highest-
profile candidate- la Mr Wyu
Bevan, executive councilman for
South Wales.

D£P?c5UA iic lAfeCONOtMl
° F '

•JAM KRIS

K)M)A KklSIOI 1 1RSON
ROLLOVTR

The most erotic thing in their world
was money.

•OAfOf'f . Llrtbi r V- . *A\>.v:h vrzz O ' - 1 ..I, . , (

WARNER I
WEST END
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NOW SHOWING

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AND ATSELECTEDLONDON C3NEMAS FROM SUffJAY JULY tB
• CIHWOEtMCSOOmeCTATTlMEOrcOWWTQWtSt^^ 11 ”

Limited

announce that with effect
from close of business

■a 1982'

;their Kise Rate
V : is reduced from
. - 12j^ to 12?6 p^i.

~ Head Office^BritaJn:
64 - 6 SCoteman Street London EC 2 R 5 AL

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iiarji

• Financial 1 Times Thursday July 1 15 ' 1982

6.40 am Open University (UHF
only). 1055 Golf: The Open, from
Royal Troon— the lllth Cham-
pionship. 1.00 pm News Alter
Noon. 157 Regional News' for -
England (except London);
London and South-East: Financial
Report. 1.30 Mr Bean. L45 Golf:
Further coverage. 4.18 Regional
News for England (except
London). 450 play Sehool- 4.45
The All New Popeye Show.' 5.05
Newsroirod. 5.10 .Think Again:
The fun behind the facts about
milk.

5.40 Evening News. .

6.00 Regional News Magazine.
655 Nationwide. , ...

6.55 Holiday Repent

7.05 Medical Express. -

• 755 Top of 'the Pops, intro-

duced byPeter Powell.

8.10 Fame: A nether story from
■New' . York'S High School .
for the. Perform ing Arts,

9.00 News'

955 Oppenheimer..

1058 NeWS Bparilinnf j _

- 10.40 " Horror Express,” star-

ring Christopher ..Lee,
Peter CusUng.. and Telly ’
Savalas. The two masters
of horror^ take- an event-
filled journey, by, train
across S iberia. . i

All IRA Regions as London
except at the following times: —

ANGLIA

9.30 am SfeMma St rent. 1020 Cities.

' 11 .26 Country People- 11.50 Wattoo,
Wauoo. ]JO praiAagtia-News.; 420
Tha Advan rures of Black Beauty. 4.45
Fattier Murphy. 6.00 About Anglia. 655
Arana. 6.50 Crasareada. 7 >15 Falcon
Crest. 11.30 Lou Grant. 1250 am
People and Their Poetry. ».

BORDER

9.30 am European Folk Tales. 9.40
A Place to Live. 9.55 Joe 90. 10.20
Young Ramsay. 11.05 3-2-1. Contact.

11 JO The Extraordinary People- Show.
150 pm Border New*.. 420 Sport BiHyr

4.45 Hare's Boomer. ' 6;1S' lfn (varsity
Challenge. 8.00 -Looks round Thursday.
625 The Sound Of.- -6.50. Crossroads.

7.45 Falcon Crest. J120. ProHCetebrity .

. Snooker. .. 12.15 :.am. Border ..News -

Summary.'

central ;

9.46 am Make Mine "Music. W.IO
Bygones. 10.35 Siipanuar . Profits. 11.00
. Survival Special. -1220 -pnt The

- Young Doctors. 1 JO Central News. 420
Sport Billy. 44S Father Murphy 520
Crossroads. 6 .25 Central News. 7-45
Falcon Crest. TUB -Central Ham. 11.36
Bernadette Peters in. Concert. .

. CHANNEL

120 pm -Channal VUinc htnpe Haws.

(S) Stereo broadcast (when
broadcast- on .VHP).

RADIO 1

5J» am Aa Radio- 2. 7.00 . Stave . ,
Wright.' 9.00'SJmon Bsfas. 11. (V David
Jensen -with the Radio -One -Roeilahgw
from Northern Ireland. 1220 pm News- J
beat. 1246 Dave Lea Travis.' 2.00 Paul ‘
. Burnett. 430 Peter Powar, -including

5.30 Newsbaat.' 7.00 Peefs 'Pleasures.

8.00 Richard Skinner. 10.00 John

Peel (S). ■- .

RADIO 2: i

6.00 am Ray -Moore fS). 720 Tarry I
Wonan (S). 10.00 Jimmy Young (S).

12.00 Gtoi* Nunniford (S). 220 pm t

Ed Stewart (S); 4.00. David Hamilton i

IS). . .6.45 News; Sport. 620 John I

Dunn (S). 8,00 Country Club (S). 9.00 !
Alan Dell (SJ. 10.00 The nnprwstarlm. • (

TELEVISION

Tonight’s Choice

Mneh ' of the day os' BBC-1 is devoted to live, coverage of
The Open from Troon. Strangely wnrmgH for a ; sport which
involves considerable acreage and protracted competition, golf
has proved a near ideal television entertainment. Anyone struck
down and kept home with hayfever. summer ’flu or sheer laziness
could be in for an interesting day.

Families with- teenage members will he. well aware that
Thursday is Top of. the Pops day. Those who have given the.,
programme a miss since the Everley Brothers left the stage
might like to know that tuneful stuff seems to bB- mating a
comeback.

A lztle earlier we have the start of a new series of Holiday
Reports. John Carter, the programme’s presenter, is- one of
those rare television animals, a critic who does not seem to
.flaunt his expertise to the viewer and who - is rarely diverted
into scoring points off the victims concerned..

Another new series starts in the -form of Medical Express.
For starters- we are promised tips on how to improve our
memories. If I can recall the time (7.05) 1 may watch.

There is a clash here with- a new ITV light entertainment
production. The PanV Squire Shew. On balance it may be better
to stay with memory improvement and the Top Twenty.

ARTHUR SANDLES

LONDON

BUSINESS LAW

6.46 sun Open University.

10.30: Play School.

4.20, pm Golf: The Open— the
111th. Open Championship.
6.10 Carl Flesch International
-Violin Competition.

7.40 News Summary.

. 7.45 Poems In Their Place.

420 Father Murphy. 520 Crossroad*.
6.00 Channel Report. 6.15 School
Report.- 630 Garden* For . All. 7.00
Cartoon Time. 7.45 Falcon Crest. 1028
Chaims! Lore Nows. 11-30 The Moms .
Carlo Show. 1225 am Newt and
Weather in French.

GRAMPIAN

925 Sesame Street. 1025 AJ Oam ing
Man of tha North. 1025 The Nature of
Things, 11.50 Cartoon. 1.20 pm North
News. 420 Little House on tha Prairie.
5.15 Survival. 6.00 Summer it Six. 820
Police News. 625 Sounds of .
Vlzzion. 620 Crossroads. 7.4S Falcon
Crest. 1120 Nero Wolf*. 1226 am
North Headlines.

GRANADA

- 920 'am European Folk Tales. 9.40
A Place to -Live. 9.55 Joe 90. 1020
Young Ramsay. 11.00 3-2-1 Contact.
1.30 Tho Extraordinary People Show.
-120 pm Granada Reports. 420 Vicky
the Viking. 425 Little House on the
Prairie. 6.00 This Is Your Right. 6.05
Crossroads. 620 Granada Reports. 7.45
Falcon Crest. 11.45 Lifeline.

920 am 3-2-1 Contact. 1020 Larry
the Lamb in Toy! own, followed by
Megilta Gorilla. 1025 Wild, Wild World
Of Animals. 11.10 Patterns. 1128
Johnny's Animal Oporae. 120 pm HTV

8.00 Carl Flesch International
Violin Competition.

9.00 The Rolling Stones.

920 Golf highlights.

10.05 The Associates.

10.30 Carl Flesch International
Violin Competition.

10.45 NewsnighL

1X30 John Field. ■

News. 525 Jobfina. 5.15 Benson. .620-
HTV News. - 620 Crossroads. 7.45
Falcon "Crest. 1028 HTV News. 1120
Lou Gram. 1220 am What the Papers
Say.

HTV Cymru/Walas — As HTV West
except; 12.00 Armeet- 4.15 Storybook
International. . 446 S6r. 620 Y Dydd.
625 Report Wales.

SCOTTISH

1020 am In Search Of. 1025 Crazy
Werid- of Sports. 1020 Hands. 11.15
Young Ramsay. 120 pm Scottish News.
4.20 Here' Comes Boomer. 4.45 Sport .
. Billy. 5.15 Tamms Tales. 520 Cross-
roads. 5.00 Scotland Today. 620
Sounds Of. 6.45 Benson. 7-45 Falcon
Crest. 1120 Lata- Call. 1125 'Barney
M/fler,

TSW .

925 am Sesame Street. 1020 Feature
Film; " Non ’Stop Now York." 1120
The Undersea Adventures of Captain
Nemo. 120. pm TSW News. 420
Father Murphy. 5.15' Gus Honsybun'a
Magic Birthdays. 520 Crossroads. 8-00
Today South-West. 620 Gartens For
All. 720 Ce/tooa Time.. 725 Falcon
Crest. 1022 TSW Late Nows. 1120
The Monts Carlo Show. 1220 am
Postscript.

TVS

920 am Alphabet: the . story of
- Writing. 1020 Paint Along With Nancy.
1025 Cartoon. 1020 Film: " Windbag

RADIO

1020 Star" Sound Extra. 11.00 Brian
Matthew with Round Midnight (stereo
from midnight). 120 am Encore (SJ.
2.00 You . end the Night and the
Music (S). .

RADIO 3

Summer Recital (S). 2.00 Handel (S).
420 Nash Ensemble <S). 425 News.
520 Mainly For Pleasure (S). 620
Bandstand (8). 7.00 The Castrate

Legacy (SJ. 720 Intenafva Care or an
Endless Vegetable-like Existence, by
Christopher Gaul (B play) (5). 8.35

625 -am Weather. 720 News. 7.05 Joachim Raff (S). 10.00 The Gym

Morning Concert ' (SJ. 8.00 New*. 8.05 Lesson. 10.15 Music In Our Time (S).

Morning Concert' (continued). 9.00 11.15 News.

News. 9.05 Th» Week's Composer (S). Damn JL

10.00 The La« Two Mozart String KAUIU «*■

Quintets (S). 1020 'Music for St 8.00 am News Briefing. 6.10 Farming

Swithin's Oey. Concert: Copland. Today. 620 Today. -823 Yestertey in
Burkhart (S). 1125 City of -Binning hem- Parliament. 9.00 News. 9.05 A Move

?irx

Orchestra: Dvorak, Mozart abte Fsest. 920 The Living World. 10.00
pm News. .1.05 Mpnches««H^'Newsr--16;Q2-€urop“n- Jotmroy.- 1020

9.30 am. Barney .Google and
Snuffy Smith. . 9.40 Wilderness
Alive. 10.30 History of the Grand
: Prix: “ 197^-Best of the Best,"
a memorable year in Formula
. One racing. 11.00 A Big Country:
“Walking Thi; Flinders." “1L30
Faint Along With Nancy. 1220
Gideon. 12X0 pm Get Up and
Go! 12 l 30 The Sullivans. LOO.
News with Peter Sissons, plus
i FT Index. L20 Thames News
•with Robin Houston. -L30 Emmer-
dale Farm. 2.00 Here Today.

2,45 Whicker’s Woiid: India. 3.45
In Loving Memory. 4J5 Dr
Snuggles. 4*20 Voyage to the
Bottom of the Sea: Richard:
Basehart, David Hedisoa in.
“ Graveyard' Of Fear." 5.15
Survival.

- 5L45 News.

6.00 Thames News with
Andrew 'Gardner, Rita
Carter.

6-30 Dangermouse.

6.45 Robin's Nest

725 Tlie Paul Squire Show.

7.45 M Escape Of The Bird-
men,” starring Doug
McClure, Chuck Connors.

9.30 TV .Eye.

10.00 News.

10.30 The Police and the Public.
112 ft Ladies’. Man: Lawrence
Pressman in “Susan, The
Playwright."

' 12.00 What the Papers Say.

. 1225 am Sit Up and Listen
t Indicates programme in
. . black and white

- Tha Sailor." 1120 Cartoon Time. 120
pm TVS News. 245 In Loving Memory.
420 Little House on tire Prairie. 5.1S
Watch This Space. 520 Coast To Coast.
620 Crossroads.' 7.45 Falcon Crest.
1120 Lata Night Drams. 1220 Company.

TYNE TEES

920 am The Good Word. 925 North-
East Nows. 920 Alphabet. 9.55 Cartoon
Time. 10.00 Bill Burrud Films. 11.10
Sound Of. 11.25 The Beachcombers.
1120 Larry the Lamb. 12D pm North-
East News and Look around. 5.15 The
Great Yorirehlrf Show. 620 North-East.
News. 6-02 Crossroads. . B2S Northern
Life. 7.45' Falcon Crest. 1020 North-.
Earn News. 1120 Check Ir Out. 12.00
Job Slot Extra. 12.05 am Get It Right.

ULSTER

10.T5 am- Story Hour. 11.05 Alphabet.
1120 The Adventure World of Sir
Edmund Hillary. 120 pro Lunchtime..
4.13 Ulster News. 420 Little House on
the Prairie. 5.15 Jangles. 6.00 Good
Evening Ulster. 625 Police Six. 6.36
Crossroads. 7.00 Cartoon Time. 7.45
Falcon Crest. 1120 News at Bedtime.

YORKSHIRE

920 sun Sesame Street. 1020
" Appointment Whti Venus." 1125 Ihe
Undersea Adventures ol Captain Nemo.
120 pm Calendar News. 420 Father
Murphy. 5.15 The Great Yorkshire
Show. 620 Calendar. 620 Calendar
-Calling- 620 Crossroada. 7.45 Falcon
Crest. 1120 Lets Night Drama.

Daily Service. 1045 Morning ' Story.

11.00 Newt. 11.03 Utopia. 1148.
Enquire Within. 12.00 News. 12.02 pm
You and Yours. 1227 Brain of Britain
J982 (S). 1.00 The World at One. 140
The Archers. 2.00 Nows. 2.02 Woman's
Hour. 3.00 News. 3.02 Afternoon
Theatre (S). 4.00 News. 4.02 'Showbiz
Naturalists. 4.10 A Good Read. 4.40
Story Time. 520 PM. 6.00 Nbws.
Including Financial Report. 620 Any
Anxwars? 624 It’s a Bargain. 7.00
Naws. 725 The Archers. 720 Concert
Prelude .(S). 720 BBC Symphony

Orchestra in Hong Kong Concert, part 1:
Tippstt, Brahms (S). B20 Interval Talk.
8.45 Concert pen 2 : Dvorak (3). 925
Kaleidoscope. 10.00 The World Tonight
1120 A Book at Bedtime. 11.15 Tha
Financial World Tonight 1120 Today
in— Part ram ont. 1220 News.

Remote guardians of justice

BY A, Hr HERMANN, Legal Correspondent

; MOST COUNTRIES: have a-con-'

! stitution, .including a Bill of
.Rights. _ . Hence, their . Acts of
Parliament are, or 5 h 0 xtld.be,
interpreted so as Jo agree with
the broad principles. established
by .the constitution- Otherwise
-they run the risk; of . 'being
declared null . and. vqid. by' the
■constitutional court

The UK ias neither a written
constitution nor a Bili of Rights,
and its - courts ' respect the
supremacy of Parliament which
has -the list-word- - But neither
nature nor lav- -.can- -easily
tolerate a void, - and' so one can
observe that the place of the
non-existent British Constitu-
tional Court is being filled from
outride, not by one - but by two
institutions: the Court of Human
Bights in Strasbourg and the
European Court in Luxembourg.

A’ week- ago -the Court of
Appeal,* dealing with the
complaint of a man who was
dismissed' because he refused'
to join' a trade uizidh Operating
a closed shop In. ids place of
employment (and instead joined
the Transport and General
Workers’ Union, which was
contravening the anti-poaching
agreement), held .that : the
relevant Labour Relations Acts
.of 1974 and 1976 did -not require
that the' closed, shop should be
voluntary or consensual.

The European Convention on
Human Rights, to which the UK
has adhered sinpe 1950. provides
that everyone has the right to
form And. join trade, unions for .
the protection of* their 'interests.
In tiie case of the three British
railwayment -dismissed on the
strength of closed shop' legisla-
tion, the European Court of
Human Rights held that there
had been a breach of Article 11
of the Convention. But as Lord
Justice Fox mid in his judgment ;
last week, this Convention was
not a reliable guide to the'
intention of Parliament in the ■
relevant legislation.

RACING

BY DOMINIC WIGAN

. . Sir Sebag Shaw agreed, -and
Lord Penning, MR, suggested
-that if die dismissed man
applied to the European Coon
-Homan Rights, that court
oftold, is the long-run, order
the British Government to pay
■ firp i compensation; he could not
recover compensation, from his
employers in the English courts
’■because under the Acts of 1974

that- female employees should
be given, the same retirement
advantages, such as conces-
sionary fares, as men.

• These, however, were only
preliminary skirmishes. ‘It was
Only last week, on July 6, that
the court had to give an answer
to the basic question emanating
from the equal pay legislation,
namely whether the provision

Europe’s courts have ruled against '
restrictive unions, insecure male
chauvinists and mean managements

WILLIE HASTINGS-BASS, who
vacates his Marriott stables at
the end of the season to start'
training .in New -'South Wales,'
is hopeful that hag Newmarket
-team is safely oyerr its virus.
Blood counts are. back to
normal among - virtually'. a-H: 65
and. there are few.-if- any, horses
still with dirty noses.

This afternoon' at • Kempton
and -Yar mo utir-f- -suspect-that

and 1976 his dismissal was to
be regarded as. fair.

~ Ope can see that, inasmuch as
’the Strasbourg court functions
as a substitute constitutional

- court for the ,UK, it does so at
aim’s length. Its rulings are
not binding on English courts.
There: is only, a certain obliga-
tion of the ' Government to
comply, by initiating legislation.

The European Court in
' Luxe m bo ur g, the Community
.court comes much closer to the
.traditional concept of a consti-
tutional court with jurisdiction
not oner but in member states.
Having: dealt, in the past with
five complaints of sex discrimi-
nation referred to it by the UK
. courts/ it •'■is by now quite
familiar with the pieces of the
Sex Discrimination Act 1975,
. and the Equal Pay Act, 1970,
which do not fit together. It
has ruled that a woman can
base her daim on the pay of a
man who was doing the job
previously; that employers' con-
tributions to a retirement pen-
sion are “pay” which should
be equal; that part-time workers

- should not be paid less simply
because they are women, and

.the .quartet made up of Bo-
Peep,. Borebam Down, Norfolk
Flight and Devil May Care will
prove that Marriott is ready for
an imminent return to form.

The' most popular order
among the Hastings-Bass run-
ners looks likely to be Norfolk
Flight bidding to land Yar-
mouth’s John. Malloy Handicap
' for a second year in succession.
Norfolk Flight 1 is set to make
another bold bid in spite of
being shouldered with 5 lb more
on this occasion, than last year's
9 st-4 lb for the seaside course
invariably brings out the best
in-faint - •

that, when the work is not
broadly similar but of equal
value, a claim to equal pay
arises only if the work has been
rated as being of equal value by
a job ' classification scheme
which cannot be introduced
without the employer’s consent.
Trying to answer the question
whether, under this provision,
a Mrs O’Brien* was entitled to
equal pay when her employers
did not “ adopt” a job evalua-
tion study, the Employment
Appeals Tribunal and three
Lord Justices of Appeal said
she was not, only to be reversed
by the five Law Lords who were
'unanimous on July 30 1980,
that she was.

The- drafting of British, equal
.pay ' legislation is appalling,
though hardily worse than that
of many other statutes, but the
reluctance to read its true mean-
ing is greater than usual. Why?
Because managements still see.
in women a reservoir of cheap
labour, because trade unions are
dominated by men and. in
general, because male employees
demand pay symbols to prove
their sexual “ superiority.”

The European Court, in

. Out of the frame when look-
ing burly on his reappearance
here early last month the
Blakeney gelding, a winner
twice at Brighton and also at
Goodwood last term, is con-
sidered back to somewhere near
his best form of. last year.

A second possible winner for
Hastings Bass could be. Lord
Porchester's well thought of
newcomer Bo-Peep. One of
seven runners for Ke.mpton’s
opener, the Larch Maiden
Fillies Stakes, this chestnut
Decoy Boy filly out of a smart
half 6ister to Queen’s Hussar in
Picture, has been working well

Luxembourg. heldS that British'
legislation fell short of EEC
Directive 73/117 which, requires
equal pay for work of equal
value. It ruled that UK legis-
lation was inadequate as if 'did
not provide for the recognition
of equivalence of work and far
the application of the principle
of equal pay in situations where
no job classification existed... In
other EEC countries there Is a
possibility of using conciliation
procedures subject to judicial
review and a job classification
scheme is not there an indis* ,
pensable condition.

For a change, the require-
ments of the Commission, as
endorsed by the court, seem
quite feasible. With the excep-
tion of Denmark, none of the
member countries restricts
equal treatment fo.lhose'tfbo
do similar work. ' The rule' that
work of equal value justifies
equal treatment has been
included in the German civil
code and in the Greek 1 constiLu-
tion. In Belgium, France, Ger-
many, Italy and Luxembourg,
many problems are resolved by
works inspectors, and ' if the
dispute goes to court, judges
are not bound by the results
of job evaluation schemes.
Under Irish legislation, which
the Commission thinks the UK
could follow, disputes about
equality of pay may be referred
to one of three equality officers.
Their recommendations are not
legally binding, and iF' not
'accepted, the dispute as left for
the courts to decide.

The substitute constitutional
courts in Strasbourg and in
Luxembourg are sometimes
useful; but would St not- be
much better to have a teal one
in London? '* '•*'•

* Taylor V. Co-operative Hotair J?#f-
vicca. TLB July 13. 1SB2. 1 e “
t Young. Jamas and Wohstor v.tba
UK 1578 IRLR 408. 1
t O'Brian v. Sim-Chom 1980 /Off 573.

| Casa 61/81. EEC Commission V. UK.
unreportad.

At the dosing end of the
programme another short-priced
two-year-old who could •’ “ go
under” is Sparkling Moment
I suspect that Suzanne' Kane’s
runner may find Sticky Fiftgers
too sharp in the Kempton
Maiden. Auction Stakes. .

KEMPTON \»

2.00— Bo-Peep** •*

2.30— Martineaa <

4.30— Sticky Fingers***
YARMOUTH. •

3.15— Norfolk Flight*

4.15 — That's My Son
HAMILTON

7.35 — Lifestyle

ACCOUNTANCY APPOINTMENTS

N3CKI

■YMlTTivi wit]

PRESTIGIOUS
UHERZUmOKAL FIRM

OpportmxMcsfior&nHtio«mYbaxigChart6rcdAa»tintaBtB
WfstYorkshfre Exceptional Salaries

This m#or fan of International reputes probably the fastest growing
practice in the UK Internal promotions have orated opportunities fa
exceptional vour^ chartered ncccnintanswhoinertth^

# Graduates who, having trained with a larger Enn have achieved a .
good examination record (confident Jifly ‘82 finalists co ftsflm ftd). •-

• A mature outlook ^ strong personality condderabie drive and
dei exminati on and the abgty to l ead a u e fit teams on complex:

■ assignment s ..

~Vacandes~eztsnc> lead Aucflt teams and espedaBy for those seeking to
spedaEse in TAXATION dr [NSOUFENOC
Salaries offered for aO positions are hghly competfiive; Career
prospects- ate exceptional and wotkiqg conditions unequalled.

If y wiw w iM ra ricom i the ty po rtHaf tyte Canayw rSrtme onn

i nformal end Bart o«t gw** about otgcStii«.ple»»t »egl K »g«

Brian 8. Daofeb on 053274206 fiar aa carivintczvtaK-

[ a i i T 'Ja

C.A.+ flair
= £l4,00Gp.a.+ car

man agers in industry what
finance is all about A business background

an advantage. . ■

Thckitfpbssibly die tegesttoiningorgamsato dF
its kind id the world with some 50 courses available
in 43 Countries.

If\Tmareaqnalifiedaco>mitantwithanG>^DCTt

speaking voice ^ - a teaching aptitude - you seek a
career in a new exciting enviro nment (and live near
London! then send av. to:

Alfred Tsdk, Tack Training jm

International, 1/5 Longmaore K

Street, London SWL n

Recently Qualified Accountant

TO £13,000 PLUS CAR -

We are a fast expanding company supplying a wide
range of specialist trade journals to industry and
commerce. Plans for rapid further development
include both organic growth and acquisition. We
are seeking an energetic young chartered accountant
with two years’ post-qualification experience - who
wants to work in an exciting environment supported
by a staff of eight The successful candidate will be
expected to develop a computerised accounting and
management information system and provide
financial advice to the executive team. Future
rewards, and. career development will be commen-
surate with successful performance. No agencies.

-Reply, to. &ox A.7910. Financial Times .

' ..20 r Cannon Street, London EC4P 4BY

Financial Accounting
Manager

West End of London c £16,000

The Company is engaged in the distribution of fest-moving food products - ' -
through nationwide outktsm the United Kingdom. Annual tomoveris in excessbf'

£100M and operations are organised <m a profit centre basis and managedby ■

established cost control systems. - -*

Foflowmgreaigadsatibnwitb^ tiiisposilionhas-

beencreated to further improve eflecliveness. The manager win report to the Chief
Financial Officer and act as his de puty. H e, orshe,vwllbereq)ooafcte’for-aDfinaHaal
leportinft amsefidated accounts, taxation, treasury matters and the appfcatkmof
sjrrt and methods witim the financial area of fesubsicfiaiy of a major . • i

international raparatfon.

Candidates must be chartered or certified accountants who can dearly

" demonstrate initiatnna and leadership capabilities. They must have recent rrcmag pml --
experience of all aspects of financial accounting and computer based sys^5m& It is ' ,

. unlikely that anyone underthe age of 30 will have sufficient expecencefortiiis ; .

position. *

: The salary is negotiable, according to experience. The benefits indude a .

contributory pension scheme, free life assurance and private medical coven

Tins a^oratmerit is being handled by the Chief Financial Officer. Please ^ write
in confidence, giving concise career and personal details, and listing separately any
companies to whom you: application shoiild not be forwarded, toJohnM Pollock.

US

LONSDALE ADVERTISING SERVICES
- Hesketh House, Portman Square, London W3H 9FG

Company Accountant/
Commercial Manager

East Kent Coast

t & P Plastics Limited, a successful manufacturing and
marketing company with a turnover in the region of £3m are
looking for a qualified accountant with flair and commercial
acumen to join them attherrMaigate location.

Repotting directly to the Managing Director, the position
cam'esresponabiT^forthe entire accounting functionwithin the
company, including management and statutory accounting,- and
embraces the normal duties of Company Secretary Jn addition
tiie jabhoktei; backed by a team of specialists, will control and
develop the efficiency of the Commercial Department which
handles purchasing, production programming, stock control.
Transportation aid customer servicing. This is an Ideal

opportunily for someone who is r^dyto scpandhis/ber base of

skills and experience at a high level of responsibility
_ We are offering a competitive salary whidvwffl reflect the
importance attached to this position and tha fuD -range of
promotion prospects and benefits expected of a thriving
company which is part of the Reed International Group.

Please write with full cv, indicating salary required, to
Me A. -EX FUller, Managing Directoi; L&P Plastics Limited, .
■Westwocri Industrial Estate, Ramsgate Road, Margate, Kent. .

L&P Plastics Limited

Manager

S.W.LONDON c£I 6,000

Our client is a UK public group operating at the fbrefrontjof information technology. Their

products are mark eted world wide and turnover exceeds £700m. .

The company is seeking tin accountant, to roaoage the group accounts unit. Emphasis is
placed on the ability to work to tight time-scales in the prep ara ti o n, of financial accounts and’
reports, development of procedures and other nori gnm w its of a tinanrial nanir p
Apparatus, who are unlikely to be under 3D, must be qualified with understanding of die '
bn^acaxmtingpttinaples. They^ will have experience of statutory consolidated accounts
.giber in an Intnn a ii final group oririth a major professional fern; they will a ly* need the
ability to commnnicate with all levek of raanapemenr.

There are opportunities for progress in both coipotate and operational roles.

Applicants should submit full career derails quoting ref. 836 to Philip Cartwright
A-CLM-A. at 31, Southampton Row, London WC1B 5HY. - -

Michael Phge Fhrtnership

Recruitment Consultants

London Birmingham Manchester

TREASURY ACCOUNTANT

c.£13K

World-v.nde operating, interests lava crotad iho need
' for a Treasurer to'b» responsible for hedging. the
Cotnparty againsr. exchange variarions. Tre rota
' ttemarfcfe p. background. in accouniarcy anabfing ihp
production of accurate joiecasis and continuous re-
. evaluation, pi us a' sound knowledge of farei^i
■exchange. OXOK mVP/10558.

"GROUP ROLE

£10,000+Car

A .dwerae^roup with operating companies in over 30
countries is soaking -a -newV-qualHled CA for fts busy
Head Offpe. -Responabaies indudo preparation of
monthly management accounts, consolidated UX and
ovensas accounts and cash flow, statutory accounts
end furthe r c ompu ter development.

C. LONDON VMD/1 046 B.

GO-GETTER to£14.000+Car

Tho autonomous subsidiary of a
successful U.S. coiporation ne«J a
strong-minded CKef Accounta nt to lake a
loading roteTn a go^afiftad erivnenmeht.
Aged 26-30. trained in a U.S. company.
With excellent systems and mana^ment
accounting exposure you must ato bo
able to communicate effectively at all
ievefeof management.

HANTS’ RW5Y1Q31B.

iwpn

CAREER WITH COMPUTERS c.£12,0OO+Car

An expanding software house ofiws first class develop-
ment prospects to a qualified accountant, aped 26-32.
will* computer/eiectroniej experience. Ke/

respond Dilitiec of this management accounting rola
nrciiste. budgeting, (orecesiing and planning - at
company level in addition to considerable staff supervt-
son- . . - - MIDOX. VMD/1 OaiC.

A BIRDS EYE VIEW... . to £11, 000 +C or

• ■ « wriB be obtained from this central services function
of a maior U.K, company v/ith wide ranging interests.
This will enable you to successfciBy plan your navi move
vrith the group. "Newly quaBGed ACA from a go-ahead
practice looking for challenge and career orasoects.

■. - ~ N. LONDON RV(P/T02SB.

LEE TOUSE, LONDON WALL, ECZ 01-606 6771

ACCOUNTING, FINANCIAL AND BANKING Rfi R ECRU ITM ENT -&-SEARCH CONSULTANTS

12

Tiaancial Times Thursday July IS 1982

Operational/Systems Audit

This major US food corporation is

SeoiorPosition

auditors based in the UK.

EUtOpCail Travel WOJk k totally proieefcorientated,

* with extensive scope for initiative and self

> r i ^aaa i management. The successful candidate

10 obi /.UUU t* GST Will focus on systems reviews and

development, but wide terms 'of

■ reference will ensurevariely. The UK
base iswest of London, wim travel up to
60% within Europe and occasionally to
the USA. Excellent promotional
prospects are evident both within the
Audit function and fine management

Candidates, kleaffy graduates, must
be qualified accountants with 5-8 years

working experience. Preference has
been indicated for applicants with a
commercial background as well as a

AM ^ * ■ —

V

A

Arthur Young McClelland Moores & Co.

A MEMBER OF AMSA IN EUROPE AND ARTHUR YOUNG INTERNATIONAL

language is highly desirable.
Confidence, professionalism and an out-
going personality are essential qualities.

Please reply In confidence giving
concise career and personal details and
quoting Ref. ER547/FTtoJ.J. Cutmore,
Executive Selection.

Ar&iur Young KeCfeBaadlloontt&Ca,

Management Consultant*.

Rolls House, 7 RoDs Buildings,

Fettw Lane, London EC4A1NH.

ACCOUNTANCY

APPOINTMENTS

APPEAR EVERY
THURSDAY

Consultancy is Challenging

...As Roger Barton
found

AEcggraduatmginMathemflTie^liegaaied
significant accounting and operational research
experience m the public sector before planning aod
imptemearing financial and accounting systems
for both UK and US ind us trial companies.

Since joining, he has carried our an
arganisatiaaaltcrieer fora major cental
company and has designed computer
systems fora new Chy financial
institution.

Things He enjoys:

“I joined FWA because I Hr it
presented me with an excellent
opportunity to mate the best use of
the experience I bad gained in various
fidds since starting my career. This has
been home <nttm practice —projects I
ha ve i ec en tlyandeftaJccn hare enabled
me to consolidate and expand my
knowledge and experience. I am
conriraially stimulated fay the challenging
and testing nature of assignments and
am always confident of the solid
back-up available within the
organisation. Effective teamwork
has proved a prime fiicmr
in making the job a
rewarding oraf*.

Successful Accountants
up to £18000

Price \^terhonsc Associates is one
oftheleading management consultancy
practices in the UK and worldwide.

have a continuing need for exper-
ienced accountants to complement our
multi-discipline consultancy mam.

Mra wifi have gained at least two years
significant post-qualifying experience '
anri should demonstrate the potential
to manage assignments within 2-3 years
of joining us. Direct experience of
working with computer based manage-
ment information systems is essential.

Our work involves the design and
Tm plpmgnratinn of information,
planning and control systems* v&bilxty
studies aid financial modelling. Above
all, we work closely with our clients to
provide practical solutions to business
problems in a variety of commercial
and industrial enterprises and inth e
public sector.

we undertake, are demanding and you
will already have acquired diagnostic
and innovative skills coupled with the
flair and personality to deal effectively

yrtli mari a gnwrtwif at all fyg pfc.

Aged 27-32 you will have an
accounting qualification- A degree
would be a distinct advantage.

Salaries and conditions of
employment are competitive.
Substantial allowances are paid for work
undertaken overseas. Our excellent
in-house training will enhance your
knowledge and skills. If you match the
experience outlined and would like a
rhallfng m g career in consultancy, please
write in confidence for a personal
history form, quoting reference
MCS/7081 to: Michael Knowles,
Executive Selection Division,

Price 'TChterhouse Associates,
Southwark Towers, 32 London Bridge
Streep LondonSEl 9SX

nee

aterhouse

Associates

Head of finance

Hampshire, to £30,000

leaders inthe manufacture and jnstaflafion of advmced technqto gfcal pro tteas.
ThaWura!(X)k5e«ilingv^fianovar.draas^hflW»saw£winBQiUflW
40% exported, and a full order book.

Joining the senior axecufttt team and repotting d&eet to toChferfE>waiHw*i

ffoandal potty wilhin the opiating <fivisians.Tlis emphasis hi yourrala to on the
provision of financial expertise to control and e xpend the cinftiesa and oouia
wefl extend to supporting major contract negot&fon-

thaftHfastrlal sector wffii^ude a in^or g roup, gboogpwnagauWBtacflawBnfl

and a cortrofleiship at operating company level

Resumes andudng a daytime telephone number to Stephen BtaMp,

Executive Selection Division, Ref.BFD59.

Coopers ,
&Lybrand
associates

Caopere&Lytxand Associates lid
ma nagement consultants

SheRsy House Noble Street
London EC2V7DQ

Hoggett Bowers

Executive Selection Consultants

BIRMINGHAM, CARDIFF.GLASGOW. LE£DS.LONDQN w MANCHESTER,NEWCASTLE aad SHEFFIELD

Company Secretary/
Accountant

NorthLondon, to £14 ,000 -f profit share -#■ car

Our elicit, with one of foe most modem and well equipped cuufactionery
manufacturing facilities In foeUJC., requires an able and committed Company
Secretary/Accountant to join foeirManagement team. Ibaportiiigdlrectlytofoa-
JointManaging Directors, the successful candidate will beexpectedto makean
active contribution to foe formulation and execution of the company's
operational plans and strategies. Responsibilities will includeali accounting
activities (which are computerised), insurances, pensions and statutory
secretarial functions. Candidates should be aged 28-40. qualified accountants
with computerised accounting experience, ideally within a fiat moving
consumer goods manufacturing background, be able to make and implement
decisions and have foe personality and ability to communicate effectively at
top Management level.

E.H. Kirkham, Ref: 1 5048/FT. Maleor female c&ididates should telephone in
confidence for a Personal History Form 01-734 6852, Sutherland House, 5/6
Argyll Street. LONDON, WlE 6EZ.

A

Touche Ross & Co, Management Consuhants

seekJLCCOiUltCUttS in London and Manchesterat£15/)00-£2(W(^

We are an expanding consultancy practice
whose clients, both in the UXand overseas,
include small businesses, multi-national
corporations, governments andother public
sectororganisations.

The work will include analysing clients
problems, advising them on strategic planning
and organisational matters and helping them
to improve their operating, management
information and control systems.

In addition to LUC work, our consultants have
opportunities to participatein projects overseas,
for which generous supplements are paid.

A pplicants should have a degree, an
accountancy qualification and at least four
years' business experience.

Please send a comprehensive career resume,
including salary history and day-time telephone
number, quoting ref: 2063, to'G. J. Perkins.

. 7oiARass&Ca,Mana&meritC(^

HHI Housed Little New Street London EC4A 3TRTefc 01-353 80tt
A member of tha Management Consultants Association.

TbpLeuel

Consubancy

Financial Management
and Systems

P

A consultancy practice is an elite gnx^cf
Eke-minded professionals who enjoy
■working together: As a career; consultancy
is stimulating and rewarding. As a career
step, it provides a imiqae opportunity for the
individuals to work with, the senior
management of a wide range of businesses,
to add to tbeir knowledge and to develop

their skills.

To join our management consultancy
-practice we are looking for additional ' .

SoccessM candidates wiB be:

— t qcaffled acc o untants

— ambitious and inn ov at ive ma n a ge fo

— graduates wSh a ^xxl honours degree

an MBA hom a major buaness
school.

They win have had at least five years’ post

Peat, Marwick,MitcheIl &Ca

A&d28-3S
Londonbased

personal qualities of an exceptionally high
order.

-The work is varied and ranges from helping
to develop business strategies to designing

and msfeilBng financial plarmfngqnd r ynt T Ol

systems, for all type

Rrfenn an ri ahmail-

atkms. It will be of particular advantage if
this experience has included foe develop-
ment of major conqwter based systen^

We are looking for outstamSng people and
our remuneration package- wbfchmdndes a
car- is des&ned acconfegjy.

Please send a britfCVto: M. /. H. Con®,
Executive Selection Division, •

165 Qwttn VktmeStnet, Blackfriars,
London, EC4VSPXL v. -

Controller — Europe

City

to£17,500 + car

For the recently established&uopeanheadquarters ofa successful
and expanding international group. It is a leader in its field and provides
azange of financial, marketing and business information services.

Your main task will be to develop financial reporting and
management information procedures inamnriberofEuropean
subsidiaries. Working closely with senior management in die group
and on the Continent, there will be a real opportunity to help them
monitor and control the profitable development of die business. You
will report to the Group Bmance Direct andsometcayelwillbe
involved. . .

You diould be aqualified accountant, probably around 30, with

Knowledge ofa second European language 1
There are excellent prospects for career piogresskm within the group.

Wite in confidence to John Cameron, quoting ie£ CQ70,
at 10 Bolt Court, London EG4 (telephone 01 583 3911).

Chetwynd

Management Selection Limited

YOUNG

ACCOUNTANT

circa £10,500

International Thomson Organisation
London Office

International Thomson is a leading, international
information and pu blishing business with strong
interests in travel and natural resources, with its
main operations in the UK and North America.
Group, sales are over £1,000 million. The
principal UK office is in London.

A newly qualified ACA, mid-twenties, of above-
average ability and potential is sought to join the
small London financial team. The work involves
the consolidation and drafting of quarterly and
annual financial statements as well as the
preparation of monthly, management accounts and
the an n u al budget. The job will involve liaison
with , senior management -as weflas with; auditors
and other professional advisors. The company
offers five weeks’ holiday and other benefits.

Please telephone or write forari application form
and further information to:

Mr. P. G. Newman

International Thomson Organisation PLC
4 Stratford Place, London W1A 4YG
. Tel: 01-629 8111 Ext 243

Financial Controller

The City

Our clients are a successful property development company within a major
banking and financial group. Though only 3 years old. the company is
growing fast in financial terms, and js already extremely, profitable. It now
wishes to appoint a Financial Controller as the fifth member of a tightly-knit
innovative management team. Working closely with the Managing Director,
the Financial Controller will help direct the company’s real estate develop-
ment and management activities both within the U.K. and the United States/
Applicants; aged 30-45 and ideally ACA qualified, must be entrepreneurial
and imaginative m their approach. Previous property experience would
naturally be an advantage. For » -r. r. .. -

benefits win be substantial.

: or the right individual the salary and company

All enqumes will be accorded strictest confidence. Please write wfth fiin
personal and career details quoting reference 1791 and listing separately
those companies to whom you do not wish your details to be sent
Applications will be forwarded directly to bur clients. - rr™*

^ REgunA€NTAI>^RlI5^
i 3Qfemr^nStt^LorKtoiECM4EAC^

INSURANCE ACCOUNTANT

' „ RECENTLY QUALIFIED ACA/ACCA

AGE 25+ - Up to £f 2,000 pa

fESS Loudoo market company seeks a

expenence, to to the
Ftoancial Controller. K^ponsibilities will £3ude lS)T, statutory and
matagement returns and_the development of computerised accounting
systems on own rr\mi computer.

ace, MOORE & -WEEKS LIMITED, 52^ Mark Lane.
London EC3R 7QP. 01 -^ 81 1506 (HfeCon.).

.Financial. . Times. Thursday. July 15 1952

2TS

chants

cJStSjOOOpa.

Autjitor-Euiope

HOME OTIINTI1ISBAS3SD -

Iuteraafim

My quaBffed ACA f ACMAor ACCA mate or
temate agect28pkis. Good. French essential.
MBA aft advantage. Ability to develop and
Implement corporate audit programmes, and
provide management skills in professional
competence ahcLdomrnuriicafions. Extensive .
European travel. Fringe benefits include -
Performance bonus, pension/jife cover, BUPA.
and re-location expense.

Suitably quafifiedcanrikiates please phone
01-631 1444 for an -application form quoting
MRD 20015 (24 hbur answering service):

Group treasurer

N West, £20,000 neg+ car

For a ms$or British group with manufacturing and trading interesteonafieonfinenis.

Reporting to the Group Financial [Rector' in a small corporate HQ you wfil be
responsible for aS aspects of the treasury function including negotiating with
bankers, managing foreign currencies, contributing towards strategic planning

and monitoring cash management within the group. An important task wiB be to
co-ordnate the financial reqrnrements of the autonomous operating divisions to
capitalise on the group’s international strength.

Thisisal^pc^withhighv»biityarKiwearelookingforannanorw6mffltof
sorpe persona/ stature with extensive international treasury experience either in
banjdng or a multi-national group.

Resumes IncfeicSng a daytime telephone number to E J Robins, Executive Selection
Division, Ret R101.

Coopers

&Lybrand

associates

Coopers & Lybrand Assodates Unrated
management consultants

St James’s House Charlotte Street
Manchester Ml 4DZ

Financial

Director

NearReading

c.£22,000

phis attractive benefits package

Our client a privately owned spet^EstcateriEg
■company covering prestige sporting events ,

and other leisure activities, requires a Fi n a nc ia l
Director:

The person appointed will join the board with
overall responsibility for the financial,
accounting and secretarial (unctions.

He/she will be expected to contribute
significantly to the management and direction
of an expanding business.

Candidates must be chartered accountants in
their late 30’s or 4G's with proven success at
senior management level in commerce or
industry.

Please write in confidence, toAJP.G. Plait,
Executive Selection Division, 165 Quern
Victoria Street, Blackfriars, London
EC4V3PD, or telephone 01-2363561 (24hour
service), for an application form, quoting
reference 2070IL.

P

! ffea £, Marwick, M itchel) &Ca

Executive Sdtrtian Division

MamgmmtCmsultancy

WeslComtry c£Q5QO

rm

I 1 1

We are the management consulting arm of Thornton Baker, a major firm of chartered
accountants in the U.K. and a founder member of Grant Thornton International, with a
network of offices worldwide. A substantial part of the practice is concerned with mectium
sized, growth oriented cBents operating In most sectors of the economy. .

As part of our expansion plans, we hew need an experienced manager with partner
potOTlial te head up and o(tf MAS practice in the lAfest Country. The range of work

will indlude: - .

• company investigations and negotiations with financial instituti on s

• formulation and monitoring of dienta* business plans and policies

• design and frnplemepiaflon of financial and management control systems

• d.p. strategy, feasibility, selection and development studies .

• executive selection

Candidates should be qualified accountants, aged 32-40, with several years relevant
experience, sound commercial judgement and JhB ability to relate to a broad spectrum of
clients and professional advisors. In order to develop the department further.

We offer a base in Bristol, significant opportunities for career development and a
comprehensive remuneration package including a car.

Please send concise personal, career and salary details, quoting ret WSG101 to:

N.G. Mcholis, National Director

Thornton Baker Associates Ltd, Fairfax House, Fulwood Place, London, WC1V6DW.

TAX PARTNER DESIGNATE

A.C.A., 27-35

to £25 f 000+car +benefits

entisawe
offices in theMidlands.

Due to a plarm erT ^TgK^irhTrir ^ they now wish to recruit a Partner Designate

capableof operating and developing the tax consultancy department in their largest office.

The ideal candidate wiU be a chartered accountant with three or more years corporate
or mixed tax experience.

This is an exceptional opportunity for candidates able to demonstrate commercial flair and
good communication skills. Prospects to partnership within the short term are excellent.

For more infonnation please contact Hazel Webber B A. or George Onnrod BA (Qxon)
at our London address, quoting reference no. 3719.

SJLBngTand

to£25,(XX)+car

Our clients, a mulfrlocafion, capital-intensive service company (T/O £45ra), part of
amajorUJC Group are seelting to till the newly-crated role of Financial Director.
Working closely with the Managing Director, the successful candidate will be given
every eneduragerrientto participate in the general management of the company
which is going through an interesting stage of development Management services
are in their infancy and a oonsiderableamount of scope exists for introduemgmore
sophistiGated reporting systems. Applicants, maleffemale, must be Chartered
Accountants, in their mid to late 30's, who have already gained experience ora
senior naiurein a similar type of operation. Ref. 1241 /F^Ai^ly
FGA, FCMA, AC1S, 2rb Old Bond Street, London W1X 3TB. TeL 01-483 0156;

ACCOUNTANCY

APPOINTMENTS

Rate £29.00
per single column centimetre

410 Strand London WC2RONS.

Tel: 01-336 9501

26 West Nile Street Glasgow G1 2PF.

Tel: 041-226 3101.

3 Coates Place, Edinburgh EH3 7AA. Tel: 031-225 7744.

Douglas Uam bias Associates Limited

Accountancy £ Manogeme rtf

Recruitment Consultants

W-

Selection Consultants

FINANCIAL ACCOUNTANT

Manufacturers Hanover Industrial Finance Limited is a UJC subsidiary

qualified accountant or finalist expecting to qualify soon, we can offe-a
career opportenrty as aFinandalAccounfantspeciafising in finance for •
Industrial fixed assets. ’

Based In the City, your responstbilibes will includes

— Financial accounting and reporting using a microcomputer
basedsystera

—Cash management ,

- liability management, involving the monrtonng of money

market activity. ' .. . ^ ^

- Developing and. implementing accounting and administration
procedures.

Starting salary in excess of £9,000 negotiable in accordance with
qualification&and experience with acomprehensive and valuable fringe
benefit package including subsidised mortgage.

Malcolm Frost, Manager- Recruitment, Training &
Development, Manufacturers Hanover Trust '
Company 1 Gerry RafftesSquana, London E151XG.

MANUFACTURERS HANOVER
TRUST COMPANY

financial accountant

Onr -dieflt is a fast-growing private Group of Compares engaged In the manu&ctiue.

per annum and is expected to increase substantially. ' .

The UnancMLl Accoufitftnt, wba wtil report directly tcMh© Managing Director, must

_ be a quaMed accountant aged between 2M0
' bavc estensfra experience in Hie development and introduction of computerised
. accounting systems, controls and reporting functions

— be an able manager, capable <rf buihfing and cootroHmg a team and dealing with
the administrative problems of running a business

— - have a dedicated and highly motivated approach to his/her worfc

The ammintment will Initially be to the Parent Company but future involveniftot wfil
^theciur^ Pn»P«B m ansltart. The alary package. which to
negotiable, will depend upon experience.

Applicants -should apply with, a curriculum vitae to: -
P A Bee r Esq FCA
H W FISHER & CO

- ... Chartered Accountants •

" . ”, . r ' " $7/76- Long' Acre London WC3E AW

Director of
Accounting
Services

Croydon-Surrey

RA.C. MOTORING SERVICES Ltd. warns a Director of
Accounting Services who will be responsible
for statutory and management accounts, taxation,
cash-flow management and budgeting, financial
planning, etc. The organisation has ,2. 3 million members,
and annual revenues in excess of £50 million.

The successful candidate win have a senior accounting
qualification and has probably been working . .
in a consumer-orientated organisation at senior level. A
decisive personality is required
With clear organising ability and leadership qualities.

A salary fully competitive and recognising the
scope of the job will be negotiated. There are excellent
fringe benefits.

Applications with full details from man end women
should be sent In confidence to Peter K. Marlow,
as adviser to the company, at Selection Thomson Ltd.,
115 Mount Street, London W1Y 5HD.

Tel. No: 01-493 6807.

Selection Thomson

London and Glasgow

Management consultancy

Senior Manager
-Accoimting

£12,000 +

Birmingham and Leeds
£13,000 to £17,000

We are one of the largest international firms of management consultants
andare seeking high calibre accountants to join our rapidly growing practices
in the Midlands and the North 1 of England.

We expect can didate s,aged 28-34 and preferably graduates, to be currently
working in manufacturing industry or commerce and haveexperience of:-

• managementlnfbrmation systems

• financial analysis and project appraisal

• product costing

• profit improvement and cost reduction

• computer based systems
Weoffen-

• an opportunity to develop your technical and businessskHIs and
participate in multi-discipline teams

• a wide range of assignments including systems design and implementation

• an opportunity for rapid career and salary progression

• A base in Birmingham or Leeds.

Resumes, in eluding a daytime telephone number, for the Midlands vacancies
to Robert Bradford at the Birmingham address below, quoting Ref.R834and
for the Northern vacancies to Victor Luck at the Leeds address below,
quoting Ref. L835.

CoOperS coopers & Lybrand Associates Limited

P I . Scottish Equitable House;

CtLyUrariU 43 Temple Row; Birmingham B25JT

AmAAi Scottish Mutual House,

aooULrlCllCO Park Row, Leeds LSI 5JG

r Financial

Accountant

The Ctempany, processors of maize cereal to obtain stardh, starch derivatives

and com symps, are members of a large multinational Grotrp.

The requirement is for a Financial Acconntant rppnrring m *Tir» rrfw»f
Accountant, this person will be responsible for supervising cash and credit control
functions, preparation of monthly accounting package to a tight deadline, control
of balance sheet accounts and preparation of VAX returns. FinaKst ACMA/ACCA.
would soil Experience of working with com pu ters useful.

Salary negotiable and conditions include a noiMxmtribTitoiy pension plan and
free life insurance.

Candidates should send brief details of experience to date to: Steve King.
CargiU-Albion LttL, Tilbury Starch Mill, Tilbury Docks, Tilbury,

Telephone: Tilbury (03752) 71122.

CflRCIU-fllBION .

14

Financial Times Thursday July 15 4082

JOBS COLUMN

a

What

BY MICHAEL DIXON

WHAT was it, do you think,
that made our remote ancestors
take up farming instead of con-
tinuing to live by hunting
animals and gathering wild
fruit?

The question, which evidently
no one has yet answered satis-
factorily, is highly relevant to
one of the great problems of the
present. For while the change to
farnung may have given the
stability needed for the develop-
ment of modern civilisations, it
also apparently initiated some-
thing which now threatens that
stability, especially in western-
style democracies. The threat
is the problem of employment

Before the change, according
to anthropological estimates,
our predecessors could satisfy
their needs by doing no more
than about four hours of hunt-
ing or gathering a day. But the
adoption of farming soon had
work expanding until, for the
majority, it filled most of the
daylight available. And as the
shift evidently left people
hungrier despite their longer
labour, it would seem to defy
conventional economic explana-
tion.

Since then, largely during the -
past century or so, the hours of
work expected of the bread-
winners in society have been
reduced. But they still represent
something approaching twice
the average shift put in by the
hunters and gatherers — and at
that point, more or less, we have
got ourselves stuck.

As was pointed out yesterday

in the latest review the Man-
power Services Commission,
employers bel i eve that they
would not need large staff,
increases to cope with extra
business resulting from econ-
omic recovery. Moreover, it- is
not full-time but part-time work
which as well as being the major
area of growth in employment
at present, “acounts for most
of the growth in employment
in the last decade."

Nevertheless, it is still “full-
time permanent work for ,an
employer which is considered
to be the norm.” And most of
us are clearly determined to
cling on to that norm, in many
instances regardless of the bale-
ful effects on large numbers of
our fellow citizens.

The probable outcome is
something that the commission
cannot predict, and might well
not care to even if it could. It
contents itself with observing,
wisely, that a prime aim of
manpower policy must be to
provide the training systems
needed by the country to ensure
that shortages of working skills
do not inhibit the adoption of
microelectronics, and other
wondrous advances in tech-
nology.

But I do not think that- the
worsening problem of employ-
ment can be solved by tra inin g
systems or any other of the
bureaucratic structures beloved
by governmental officials, or
even by rational discussion - of
the pros and cons (which seem

pretty wel 1 to ba la nee a ne
another) of job-sharing and the
like. The only solution, to my
mind, lies in a change in our
attitudes towards work as
radical in its way as the shift
to fanning those thousands of
years ago.

I doubt that we need to go
quite as far as Lo emulate the
still existing hunters and
gatherers of the Yir Yiront
whose language has no words lo
distinguish work from play. But
we do need to rethink our
definition of *' employment.”

Wrong idea

For a start we need to get
rid of the notion that employ-
ment 'is something we rightly
expect to be provided for us by
external organisations:

This notion, as far as I can
see, has become- dominant only
over the past couple of hundred
years during which we in indus-
trialised countries have increas-
ingly had available the
organised employment permit-
ted by mass-production and
guaranteed markets at home
and abroad. In consequence,
perhaps, all but the few incur-
able entrepreneurs among us
have been brought tip with no
appreciation of how much
ingenuity and skill are needed
if we are to make our own
livings in the modem world.

The lack of that appreciation
could be dangerous now it
appears that western countries

will be able to rely less and
less for their living standards
on easy markets for mass-
produced goods. So wc some-
how need to slop -thinking of
being employed in terms of
joining organisations, and to
start thinking of it in terms of
doing things, often new things,
which other people will think
worth paying for.

While we have been ceasing
to view the aim of our paid
work as the generation of
worth, we appear to have
developed another delusion. It
is that the employment we have
in some way -naturally justifies
our occupying a particular
perch in the socio-economic
pecking order. And lately we
have increasingly come to see
our entitlement to more or less
estimable employment as being
rightly determined by our
youthful ranking by the largely
impractical values of education.

Among the most privileged -
families in Britain, at least, this
second delusion seems to have
become widespread in only the
past 50 years. Where, I
wonder, bare all the Bertie
Wnosters gone?

When the best prospect of
generating extra wealth would
look to be not more but less
full-time - continuous employ-
ment in large organisations, we
could surely do few things more
threatening to individual and
social peace than continue to
value people's whole Jives
primarily by the kind of paid ■
employment they hold. Nor can

I see any good reason why we
need “to do so.

Instead we could look at
human needs from a different
perspective — for instance, the
one suggested by the American
psychologist Abraham Haslow.

Roughly speaking, he postu-
lated that human needs develop
rather like a five storey build-
ing. The foundation is a layer
of what be tensed survival
needs, which might be typified
as * food, warmth, and shelter
note."

Once those needs are being
satisfied sufficiently to permit
us to concentrate on other
things. die foundation is safe
to support a second storey. This
consists of so-called security
needs, or “food, warmth and
shelter tomorrow as vxlL ”

The satisfaction of both of
these lowest levels would seem
to depend essentially on our
earning our living by economic-
ally productive work. Bat the
same need not apply in the case
of the three further levels of
need which Mas low indicated
people can go on to add when
the two bottom layers are safely
estab lished

The three upper storeys con-
sist of needs respectively for
acceptance by the society in
which we live, beyond that for
the esteem of oar society, and
beyond that a level — possibly
never satisfied by most people
— which Maslov called self-
actualisation needs. By that, I
think, he meant something like

not only the necessity but also
_the psychological freedom to do
one's own thing.

Clearly we need noL and in
most cases cannot, rely for the
fulfilment of the Uiree higher
needs on the paid employment
available lo us. But equally
dearly .we -can satisfy them in
other ways. There are plenty of
examples. Of people's achieving
social acceptance, esteem and on
occasion their own thing by
means other than the main em-
ployment which pays for their

own and their dependents' keep.

So there is no j*ot>d reason
why we cannot generally adopt
a saner view of the place of
employment in our lives. And
unless we do. so soon. I fear, we
are headed for the kind of social
upheaval which also has a re-
flection in Maslov's theory.

For such upheaval could
undemine the foundations of
our security and even survival
in which case, he thought, the
whole civilised structure might
well tumble down. Which brings
us back to’ the prehistoric shift
to farming.

Although no one know? for
sure, the decision to make it
may have arisen from the
realisation by some group of
hunter gatherers that unless
they changed their entire view
and way of life they were un-
likely to survive as a society, if
at all. It is to be hoped that, in 3
similar circumstances, our more
advanced society could do the
same.

F

andAnalysis

International Bank

o £11,500+ Benefits /

Young Chartered Accountants movingfrom the
profession and seeking a non-roudrferoie giving
die opportunity for self-expression, innovatiaa .
and commercial involvement, may be interested

to meet our client, theLondcst enu of one of the.
principal U.S banking groups. : - '

TTveydemOTdahi^Iettelcrfcominitmenfc. ^
superior academic and professional qu&B&anons,
linked with a fledge approach to a wide jangs of
management responsibilities. •

If you are not content with the normal
opportunities available and seek positive

package, contact Roger Tipple— Manager,
BANKING AND FINANCE DIVISION, 31
SOUTHAMPTON ROW, LONDON
WC1B 5HY or PHONE 01-242*0965 for
informal discussion concerning your future
career plans.

Michael ftge'fertnership

RoCTtrtmtrtConaitainrs .
London Birmingham Manchater

CJA

RECRUITMENT CONSULTANTS

35 IMevv Broad Street, London EC 2 IV 1 lf\lH
Tel: 01-588 3588 or 01-533 357 S
Telex I\io. 8 S 7374 -v..

CITY

Outstanding career prospects In file or elsewhere in 3-5 years

£> CORPORATE LENDING MANAGER - BANKING

£24,000 - £30,000 + BONUS + CAR

MAJOR U.S. COMMERCIAL BANK

This vacancy calls for graduates, or A.C.A. or A.I.B., aged 28-34. with a successful track record in US. commercial wholesale
banking. Early substantial experience in credit analysis is essential followed by at least three years in a practical corporate
marketing/ lending role with management responsibilities. The appointed candidate will head up a small team promoting the
bank's lending services to U.K. multi-nationals. The ability to evaluate, propose and successfully dose major profitable deals is
vital plus the capadty to develop the strategy for continued expansion. Initial salary negotiable £24.000-£30.0CO + bonus, car.
non-contributory pension, life assurance, mortgage subsidy, family W.P.A. and relocation expenses. Applications in strict
confidence under reference CLM 41 10/ FT, to the Managing Director:

Opportunity within 3 years to advance in Corporate Lending or in other Adds — U.K. or overseas

CORPORATE LOANS OFFICER - BANKING

CITY

£13,000 -£14,500 + BONUS

REGIONAL HEADQUARTERS OF SUBSTANTIAL AND
EXPANDING U.S. COMMERCIAL BANK

We invite applications for this new appointment from graduates or A.I.B-, aged 24-26 with not less than three years in UJS.
commercial wholesale banking. We seek a credit analyst, preferably-U^. ‘trained, with at least 2 years' broadly based experience
together with an understanding of the requirements of large -Corporate borrowers. The successful candidate will be responsible
to a Sector Manager for the marketing and negotiation of a range of lending packages to U.S. and European multi-nationals in
the U.K. The ability to operate effectively 'at the highest level with the minimum of supervision and analytical and communication
skills are essential. Initial salary negotiable £13,000-£I4500 + bonus, non-contributory .pension, free fife assurance, mortgage
facility, family medical cover and relocation expenses, if necessary. 'Applications in strict' confidence under reference CLO
4111/FT, to the Managing Director:

CAMPBELL-jOHNSTON ASSOCIATES (MANAGEMENT RECRUITMENT CONSULTANTS) LIMITED.

35 NEW BROAD STREET, LONDON EC2M 1NH. TEL: 01-588 3588 or 01-588 3576. TELEX: 887374. ’

* Please only write to us if you are applying for one of the above positions.

Financial Specialist

City Up to £15^000

With continuing expansion our client, a major international financial
services group, wish to recruit a number of energetic young financial
specialists.

The appointments will be in the Finance Division in the Group's - ,
modem head office in the City, providing support to the mternafiohal
operations of the largely autonomous companies which make the
Group a world leader in its field.

The successful candidates are likely, to be professionally qualified .
graduates who now wish to broaden their careers. The capacaty for .. .
hard work in a fast moving environment and the ability to work
closely with staff at all levels are fundamental requirements.

Please apply in writing giving full details and quoting ref: 8193 to :
David Miles MIPM, Barnett Keel Personnel Consultancy Services
Limited, Providence House, River Street, Windsor, Berks. SL41QT.
Tel: Windsor 58869. :

Barnett Keel

: MANAGEMENT SEARCH

APPOINTMENTS ADVERTISING
APPEARS EVERY
THURSDAY
RATE £2*00

Per Single Column C e nti m e tr e

Finance for Industry pic

wish to recruit a

SENIOR

INVESTMENT

BANKER

Finance for Industry pic is the holding company for a Group
covering the whole spectrum of industrial financing:

FFf maintains at its Head Office in London a small team
which specialises in finding solutions to the co mple x financing
requirements of larger companies by coupling FFFs ability to invest
as principal with a flexible and innovative approach to equity and
loan transactions.

EFT now wants to add to this team an experienced operator
who will be given wide responsibility to generate business, negotiate
transactions and oversee legal documentation.

Applications are invited from persons with appropriate proven
City experience.

The preferred age is mid thirties. The salary wifl be substantial
and is unlikely to be an obstacle for the right candidate. The
remuneration package includes the benefits normally associated
with the financial sector.

Please write giving MI details of experience, salary and career
to date to:

R. CL McIntosh,

Group Personnel Manager, Finance for Industry pic,

91 Waterloo Road; London SEL 8XP.

M applications wSlfetreatedirt stria amfidau*. -

CHIEF DEALER

A highly experienced and capable Chief Dealer is
required by an influential London *bank, to head up the
Dealing Room. Applicants should have at least ten years
relevant experience with prime market names in U.K. or.
U.S. An aggressive trading outlook will be sought,
coupled with sound marketing experience Salary will not
be a limiting factor. REF: DE/1 026C

CHIEF BOND DEALER c £25,500

An -established international bank seeks a Chief
-Eurobond Trader, for what is potentially a 'greerifields'
operation. Principle involvement will be in the primary
markets, and suitable applicants will be required to have
an iiwtaplh knowledge of this area. The bank offer
considerable potential lo Ihe ‘right* candidate REF: DE/
1023C

LEASING £Neg.

The U.K. merchant banking arm of a subatanU&l U.&
bank offers an outstanding opportunity to top clads
leasing specialists. Suitable candidates will need an
excellent, and comprehensive knowledge of all aspects
of the lea.sing market gained, with 'recognised* names.
Ref: DE/2245A. * , . *

FX DEALER C. £15,000

An experienced Spot/Forward Trader is required for a
prestigious London bank. Experience In an active arid ■
aggressive dealing environment will be sought, and a
knowledge. of trading Scandl currencies would be a
distinct advantage. The appointee will be Joining an
organisation committed to buildirjg an excellent team
and market reputation. REF: DE/2248A ■ .

All applicants will.be treated in the.stHdest confidence; ;

London package £20,000-125,000 + car

This important appointment is an unusual
opportunity to join a small professional team
in a specialist City-based investment
company with £30m-*- funds under
management There is an existing portfolio of
“special situations’, and the emphasis & on -.
direct investment in UK-based industrial -
companies after suitable investigation by the
team. An active post-investment monitoring .
rote is a key element in the task. The
successful candidate will ideally have several
years’ broad industrial management or
consultancy experience as well as a periodin

development capital, investment analysis or

quaBfication^^Sree is essential. Age
preferred in range 35-40. .

Write with ful personal and career details to
the address below, quoting reft R2757iFTon
tfte enve/ope . Your application wiB be
forwartieddlrectfy to the client unopened,
unless marked lor trie-attention' of our
Security Manager with a note of companies to
which it should not be sent. Initial interviews
wiB be conducted by the dient.

PA Advertising

Hyde park House, 60a Knighfebridge, London SWlXTU.Td: 01-235 6060 Telex: 2787*4

Ai:**iiberctPAInienti&mil

LEE HOUSE, LONDON WALL, EC2. 01-606 6771 .
SEARCH & RECRUITMENT.

Phillips & Drew * -

Traded Options '

We have a vacancy in our. traded options section
for a bright young graduate with one or two years- .
experience in a stockbroktng environment;

Applicants should have a mathematical bias and'-;
be seif starters.. Full training in this market '
which we consider to have- good long-term ;
potential, wilL .be given. Salary and working -
conditions, will be- competitive and will include i
bonus and variety of fringe-benefits. ' ‘ , £

Please apply to:

Caroline Barrett
PbiHips fi Drew .

Lee House, London Wall,. London JEC2Y 5AP, ^

BUSINESS

■p 1 *- lONl . PVPROII- fit.

JOOMhM Wren ft CoT Eat •

JJ?. BWi Fiinrt* Rfinttu

therefore
2?M mn9nx *‘ rnel-cutom
ww dtaS end pottui txrreorrefcty.

community five « kilts i 0

.{xihlic- ralatfantiup refee.

. , Salniy. neaotiftfete c, £1500 .

•.r-'jT ’than contact;

' V-Pwl Tturable tt :
JONATHAN WREN &<0 LTD
- ’ 17Q Bfshopsgate
twwbn EC2M 4LX
W Tel: 01-S21J266’

15

Financial Times Thursday July 15 1982

Financial Public Relations

As a result of the sustained growfh-of our CHy practice
we are looking for a senior .'Consultant to join our
rapidly, expanding team of public' relations specialists.

The successful, candidate will be able to demonstrate
a sound track record in both financial and. corporate,
affairs and. mil already have had several years exper-
ienc&of- public relations counse lling at senior manage-
ment leveL

The position is ^ challenging oite offering excellent:
career prospects- for a public relations professional
aged 27 to 35. Salary and other Ixsnefits will reflect the
seniority* of the position.

Shandwick Consultants Limited, which spe cialis es in
finan cial,: corporate and parliamentary affairs, is a.
member o£the ShandwickComnumications Group, the
largest 1 independent public relations consultancy in
Europe- . m •

Applications should be made in writing with foil career
details to: \

Alan F. Mole
. Managing Director

ShandwickConsultants Limited

Wamford Court, 29 Throgmorton Street
London EC2N 2AT . .

We are looking for a young specialist to Join
Uratever'sTaxafion Department at the -
company's Mead Office in London.

In addition to compliance woricthe Department
advises on all aspects oftax legislation affecting
the company's commercial andfinanrial
activates: Thai range and interest of problems
reflect thbticope and variety of tee company's
UK and internation al operations.

Applicants, in itoir late 20's dr earfyBO's must be
well-qualified, either.th rough legal, accountancy
or Intend Revenue training, su pported. bv several
yearspracticaltax experience. They must also .
have the ability to apply their technical
knowledge constructively in daylo day dealings
with commercial managers.
Thesuccessfulcancfidatewill bedffered an
attractive and progressive salary, prospects and
benefits normally associated with a' major
international company. ••

Applications are invited in writing, giving details
of background, qualifications and experience to:-
CPBroadbent
Staff Department;

UnSevtr UK Central Resources LtdL,

Un B e ra House,

Bto cfc M a n iLoQdogBPtfMBa

Neg. £25,000 + Gar/Benefits , S.W. London

MANAGING DIRECTOR

Due to the expansion of our Diversification. Pro-
gramme we have a vacancy for a strong minded
individual to take complete control of a new com-
pany primarily involved in the fast growing field,
of vehicle, plant aiid 'machinery auctions.

The successful applicant must be able to demon-
strate* a sound record of success in ventures
requiring exceptional organisational ability. A
professional qualification or degree in Manage-
ment would be a decided advantage and the
ability to sell the company at main board level is
a pre-requisite.

The benefits accruing with the . position will be
discussed during the first interview, however
salary' will not be.a restricting factor.

Reply in writing to; — J. A. Wynn,

. Roverhire Limited,
'Seagrave Road,

London SW6.

SENIOR

MANAGER

A UrMlIan Bunk in London wishes to recruit an inter-
nac ion ally oriented banker in the age bracket 30-40. Although
the successful candidate will be based in London it Is anti-
cipated that there might be a relocation abroad. Candidates
should have a solid banking background and a thorough know-
ledge of Brazilian banking practices and regulations, probably
gained from a working period in Braiil. Fluency in Portuguese
and English are essential prerequisites. Salary will be com-
mensurate wUh experience and ability. Applications will be
treated in strict confidence.

Rep/y to Sox A79?3, Financial Times *

10 Cannon Street, London EC4P 4BY

WE CAN TRANSFORM

YOUR CAREER

By offering you the most comprehensive

Career-Counselling service in Europe.

■Our.urifoue guarantee assures d rents of rewarding Careers,
obtained mainly from the unpublished job market.

Telephone for a f^cohfktenti^

a consultant, or send us your c.v.

London; 04*5805771

35-37 Fltzroy St W.l.
Manchester; 061-228 ©889 ■

Thaftt^clerakinCxrearCouw^g StmtayBuIldii^Plccaifflly. Plaza.

VfeM.dso^ssy&ts In

ices Umited. Address as above.

GLEB has beenestablished to carry
through the GL£s new local authority
economic strategy, aimed at creating long

term jobs for London. Its work will involve: , .

— active economic intervention to preserve
easting jobs, and create newones in the
-gnwvtirsectDrs of London.

— promofionofnewfomisofownershlpaiid
work organisation pnd including
cooperatives and municipal enterprises.

— channel RngLondon’stecnnobgy

• resources to new arto existing enterprises.

— developing packages of support for new
projects, Including buildings, advice,

- financeand technology.

GLEB will have a number of divisions *
indudingthe Industrial! nypstment Division
and the Sector Strategy Division. In each
case the director responsible forthe division
will be accountable to the Chef Executive for
establishingand directing tt
be expected to play an activ
ma rage merit com m ittee of .1

Investment

Director

.The Industrial Investment Division w{H be

concerned with the assessment of
investment proposals of all sizes and the
provision of advisory and other services as
part of an investment package.

The Investment Director will be pn manly
responsible for:

— developing and applying approved
appraisal techniques, which reflect both
commercial and social cost benefit
criteria.

— develop! ngappropriate methodsof
assessmenttor different sizes and,
organisational structures of invest ng

, errterprisesl

— processing a pplications from

employment projects, and providing
-funds to those which propose to carry
through GLEB’s objectives most
effectively. '

— putting together packages of support
with other investing institutions, and
involving a broad range of organisations
in investment projects including
industry, commerce, trades unions, and
local authorities.

— providing advisory services for GLEB
supported investment projects including

* advice on marketing, exporting and
' finance.

The Director will also be responsible for
working as part of inter-divisionat project ’
teams and providing appraisal and advisoiy
inputs into investment projects.

A Successful track record inthe ■
investment field, which will enable the
Director to build up and lead a team of
experienced investment staff, is
prerequisite. Theability to work with and be
sensitive to the needs of trades unions,
industry; Borough Councils and voluntary
groups is also essential.

Re levant experience wiU have been gained
at management level in public,
private or cooperative industry or commerce,
in a pubHcertterprise agency, orin banking.

Sector
Strategy
Director

TheSector Strategy Division will be
concerned with toentiiyngopportunitiesfar
investment in and the restructuring of
particular sectors of the London economy

The Sector Strategy Director will be
prana riiy responsible for:

— - devetoping a close working knowledge of
particular sectors within the Council's
industrial strategy, and the companies
within those sectors.

— establishing strategies for particular

sectoreanab ranches of industry:

— developing an early waminglaction --
system for preventing job losses.

— .providing support to enterprises in
strategic sectors of industry, particularly
where jobs are at risk.

— taking the lead on major strategic
investment projects, and, in conjunction
with tire I nvestment Director, the
negotiation of investment deals.

— working closely with trades unions,- local
groups and Borough Councils, and with
public, private ana co-operative
enterprises as part of the Council's
commitment to the popular planning of
GLEB’s investments.

— contributing to the production of GLEB s
corporate plan. .

The Director will also be responsible for
working with inter-divisional project teams
a nd will link with the Councils Economic
Policy Group to co-ordinate GLEB’s work with
the London Industrial Strategy
A successful track recordin the
investment field, and the capacity to take
long-term strategic views of companies and
sectors and to restructure theirproduction
accordingly, are prerequisite. The ability to
work with and be sensitive to the needs of
trades unions, industry, Borough Councils
and voluntary groups is also essential.

• Experience in tong range corporate or
sectoral planning, investment analysis or
liquidations, gained in industry a public
enterprise or planning agency finance or
banking would represent the ideal
background for this senior position.

The salaries for these posts are likely to
be in the recion.of £24,000.

For further details write to
Alan McGarvey, Chief Executive Designate,
Greater London EnterprisaBoa rd.

Room 334A, The County Hall,

London SE1 7PB, or
telephone 01-633 6665.

GLEB is an equal opportunities employer.

Greater lonrion E n fei pri se Bead

cmcoRP O

citicorp iiit’l bank ltd (cibl)

We are looking for title European headquarters of our 'merchant banking
group for two or more

merger + acquisition professionals

Based In London yon will work primarily on crossborder m & a and
divestiture assignments for corporate clients, under the guidance of senior

professionals.

Age 25-35. Educational background: university degree, MBA preferred.
Professional experience: a minimum of two years in international corporate
finance related activity.

You will work in a highly dynamic and challenging environment and will
demonstrate independent judgment, analytical skills, entrepreneurial talents
and deal orientation. Frequent travel to the United States and Europe are
anticipated. Fluency in Ger man and knowledge of German companies a
prerequisite for one of the positions.

Pl ease forward a full curriculum vitae, including present salary v
Box A.7912, Financial Times. 10 Cannon Street, London EC4P 4BY.
All replies will be treated in full confidence.

to

Senior Manager
Corporate Finance

Nordic Bank, one of the City’s leading mtemafional merchant banks, is
seeking an experienced executive to take up a senior position in its expanding
corporatefinance department.

Responsibility will be for developing and handling merger and acquisition
work involving quoted companies and for new issues on the London Stock
Exchange.

Candidates, in the age range 28- 38, should be graduates with aprofessional
qualification and must have a minimum of three years* relevant experience
gained in the corporate finance department of a merchant bank.

This is an opportunity to make a signi fi c a nt contribution at a senior level to a
small but highly professional team and the position, offers a competitive salary
: together with afhll range of generous benefits.

Interested applicants should submit full details of their career to
T. O. KOLLINSKY at NORDIC BANK PLC, 20 St Dunstan’s Hill,
London EC3R8HY. '

Z Nordic Bank PLC

Financial Analyst

Newcastle-upon-Tyne Attractive salary + car

British Shipbuffcfera Is a major Corporation with shipyards, ship repair yards and marine
engineering establishments throughout the UK.

The Performance Improvement and Productivity Department, based at our Newcastle-
upon-Tyne headquarters, Is expanding its activities and requires a Financial Analyst to
join the team.

Repoittog to the Director of the Department the successful applicant wiB be responsible
for provicting effective financial management In three main areas—

★Financial control Of the Department's activities

★Financial management of the Corporation's Computer Centres at Newcastle and
Glasgow

★Preparation of Industry wide project budgets and cost/benefit analysis of major
capital expenditure.

Candidates for Hits senior post should have a degree or similar qualification In
Accountancy, Economics or Operational Research and several years experience of
management accounting and/or the financial control of projects. An appreciation of
industrial prod action techniques and experience of working as a member of a mulU-
(fiscfpfine team are important considerations.

Although age is not of major Importance, this challenging role as a member of a young
and dynamic team calls for In-depth experience backed up by an Innovative and
perceptive mind.

An attractive salary and benefits package is offered Inducfing company car; pension and
Ufa assurance schemes and assistance with relocation to the Newcastle area where
appropriate.

Appficants should send a fun c.v. or write for an application form quoting ret JL/t to:

The Board Member tor Personnel & Industrial Relations,

British Shipbuilders, Benton House, 136 Sandyford Road,

Newcastle upon Tyne NE2 7QE.

British Shipbuilders

Finance Appointments
with Cope Allman

Opportarnty-Responsibllity-Variety

Turning over around £200 million and broadly engaged across a
number of highly competitive marketplaces, Cope Ailman International
presents an extremely varied and challenging financial environment

Recent reorganisation within the Group Finance Department, which is
based at our Hill Street headquarters in W1, has given rise to three
•interesting opportunities for ambitious, incisive and personable young
. men and women to pursue professional careers in industry.

, ■ Business Systems Analyst

c. £12,000+ car *

By providing application and project management experience and
skills to users you will help to implement our Group systems
development plan, reporting progress directly to the Group Systems
Manager. You are likely to be in your late twenties or early thirties, and
in additionto your Accountancy qualification should have gained
extensive exposure to commercial business systems at specification,
design and implementation stages.

Treasury Assistant

c. £10,000

You will be personally responsible to the Group Treasurer for managing
the Group's UK cash control system, minimising the cost of Group
funding and reducing foreign-exchange exposure. These duties
demand a facility for rapid decision-making, and you will be expected
to make an immediate contribution to the Treasury function. Probably
in your early to mid-twenties, you should have spent at least 2 years in
a similar position.

Finance & Taxation Analyst

c. £10,000

Reporting to the Group Chief Accountant, you will be responsible for
a broad range of financial projects and assignments. Initially, emphasis
will be towards taxation compliance, but other areas of activity will
include consolidation, treasury and internal audit A qualified
Accountant-preferably Chartered-aged around twenty-five, you
must be able to demonstrate sufficient initiative and drive to perform
effectively in this varied role.

Please write with full CV to: David Warren, Cope Allman
International PLC, 27 Hil! Street, London WL

COPE ALLMAN INTERNATIONAL PLC

a diverse industrial holding company with interests in the
packaging, leisure, engineering and fashion industries.

n

lananii

OD

irector

Kent

*

£ 27,000 +

Our client manufactures branded
building supply materials, sold in the
UK and overseas, through outlets
ranging from contractors to the DtY
market.

It is an autonomous subsidiary of a
major multi-national group, who are
looking for early improvements in
sales and profitability.

The successful candidate, preferred
age 35-45, will

■ have had full responsibility for a
small to medium-sized
manufacturing company
(250-400 employees); experience
of production management and
working with trade unions is an
advantage

■ be able to demonstrate success in
improving profitability in
competitive market conditions

■ have had, for preference, relevant
experience in marketing,
combined with a strong
commercial sense.

Starting salary is negotiable;
increments will be related to
successful performance.

Benefits include car, pension scheme
and relocation expenses.

Men and women are invited to write
in confidence giving career details,
age and current salary. Please include
your telephone number and quote
4194iFT on envelope and letter.

Urwick, OtT & Partners Limited

‘•'A *» A • F'*f .7 T A f Ji > SFi tC CC-tiSVL / AV7.7

Baylis House, Stoke Poges Lane, Slough SL1 3PF

WANTED

NEW BRUSH, CLEAN SWEEP
TO PROFIT BY DESIGN

C.O.I.O. action Awirt. team leader
It. Head of Indutrlal Deals n tll-K.)
or one of world's largest companies In
the consumer durable -held. Reapon-
aiMe tor corporate Identity and mer-
chandise appeal worth evar £70m p.a.
Seeks appointment as design director/

manager. 2 year^recent eOMrienca >B
Far Eaat.

Write Box A.7B17. Financial Times.
1,0. Cannon Street. London EC4P 4BY.

ReaT Career Management Assures
EsecntiveDevdopment and Job Success

E x ecn t ivea/Profesaonals with skills, experience and aptitude
can be trained to join our executive counselling tp-am .

Tb discuss how, explain motivation and c.v. to Peter Needham.

/ ^IT T \ T Gardiner HH1 Needham Executive Counsel lid.

I Ti l I XI Koyds House, MandevxHe Place, London WJ.

'*—**■*■ t “ See Oxfrrd Dictionary.

16

Financial Times Tharsday - July 15 19S2

fr

\

Financial Reporting and Planning

A Career Move
into Oil

London
and Overseas

*15,000 +

Thecompany isthe UKsubsidiaryof a
major international US oil corporation
with substantial revenue resulting from
successful North Sea Partnerships. The
company is in the process of expanding
its accounting function in London.

We are seeking several bright and
ambitious accountants to join the
financial team. Various job specifications
include financial reporting and planning,
contractual compliance, tax, royalty
accounting and ad hex: projects.
Overseas assignments in North Africa
and the Middle East are possible.
Promotional prospects wtthfn this growth
environment are excellent.

Candidates must be qualified
accountants who can demonstrate
success through career progression and

Arthur Young McClelland Moores & Co.

A MEMBER OF AMSA IN EUHOPE AND ARTHUR YOUNG INTERNATIONAL

educational achievements. Knowledge
of the o9 industry gained directly or
ihroughauditwould be an advantage but
not compulsory. To facilitate successful
interface with headquarters, candidates
must have exceptional communicative
skills. Personal characteristicsof
determination, initiative, flexibility and
enthusiasm are essential. Age is
indicated as 27-35.

Please reply in confidence giving
concise career and personal details and
quoting Ref. ER512/FTto J. J.Cutmore,
Executive Selection.

Arthur Young McClelland Moores & Co,
Management Consultants,

Rolfs House, 7 Rolls Buildings,

Fetter Lane, London EC4A 1 NM.

<

i

a •
i
%

DEN NORSKE CREDITBANK

is the largest commercial bank in Norway, specialized in the
financing of international oil, energy and shipping activities:

DEN NORSKE CREDITBANK (LUXEMBOURG) S.A.

its wholly owned subsidiary, has been active in international wholesale banking since 1974
and is offering international banking services to corporate customers in Scandinavia and
Continental Europe. Assets of DnC Luxembourg increased last year by nearly 36% to a
total of Flux 38.000 million. The bank has just moved into its own new premises in the
centre of Luxembourg City.

In our Credit department a position as REGIONAL MANAGER BENELUX/SCANDINA-
VIA is vacant

Our new manager will be responsible for marketing and business development in Belgium,
Holland and Scandinavia.

Applicants should have 3-5 years experience in International Finance and/or Credit
Evaluation from banking, insurance, shipping or industry. Fluent English is necessary.
Knowledge of French or any Scandinavian language would be an advantage, but
is not required.

For further information please call
Mr Vidar Sydnes, Deputy Managing Director,

Luxembourg, Telephone No. 211 01.

Personal and career details shall be addressed to
Mr Frik Hougen, Deputy Managing Director,

. Den norske Creditbank (Luxembourg) S A
21, Boulevard Prince Henri, Luxembourg, by July 20, 1982.

EMPLOYMENT

CONDITIONS

ABROAD

LIMITED

An international Association of
Employers providing confidential
information to its member
organisations, not individuals,
relating to employment of
expatriates and nationals
worldwide

01-637 7604

DO YOU UNDERSTAND
MONEY?

. HAMBRO LIFE ASSURANCE
ARE LOOKING FOR
SALES PEOPLE THAT DO
Our specM.'ised and continuous
training, coupled with hard work,
energy and determination will do
the rest.

in 1981, more than 350 of our Sales
Associates earned in excess of
£15,000. Many had no previous
experience.

Su cc e ss ful applicants are likely to
be bet wee n 25-55. live within SO
miles of Lcndon and highly inde-
pendent by nature.

PLEASE TELSHONE
MAX HELL1CAR ON 01-406 5381

Kuwait. Upto$SixFig:es

Our client is a major Kuwaiti bank with
an extensive and expanding .
computer-Hrted branch netwotk
within the country.

The successful candidate win control
all aspectsof the consumer banking
operations with a particular emphasis
on business development at national
and branch level, and with full
responsibly for ail branch operations.

The ideal candidate will be aged 38 to
45, will have experience of working
overseas, and will have had total
responsibility for multiple
branch operations, including
planning and development
He will also be experi-
enced in international oper-
ations and be thoroughly
familiar with modem .

PEFSONNELAD/SEBS

computerised banking practfces. .

Salary wiH not be an obstacle for the
rightcandidate and, raafisticaHjt total

remiffierafionisBkelytobelntosJX .
figures. There ferroinoometax in
Kuwait, andthecontraciproytetesa
high standard of accommodation
car, children’s education and other
benefflsassoctated with asersor
tweiseasposftioa

AB correspondence will be to the
strictestconfidenceand candidates
should send fuH caieerdetails to

Andrew Duncan at Bull,
Holmes (Management) Ltd,
45 Afoemarle Street,
London W1X3FE,

England,

Tel: 01-493 0742,
quoting Ref. 287.

International

The International Division of this specialist Bank Recruitment Consultancy
carries a wide ranging portfolio of assignments including the following : —

HEAD OF CREDIT-GENEVA

CHIEF DEALER— ABU DHABI

SYNDICATIONS OFFICER— PARIS

COMMERCIAL BANKER— PARIS

MARKETING OFFICER— STUTTGART

COMMERCIAL BANKER-- GENEVA

REGIONAL MANAGER (GERMANY)— LUXEMBOURG

CHIEF ACCOUNTANT— PARIS

IN VESTM ENT ANALYST— BAH RAIN

SYNDICATIONS OFFICER— MUNICH

CHIEF DEALER— BAHRAIN
SENIOR COM MERCIALTR AD ER— KUWAIT
SENIOR SPOTTRADER— PARIS
CUSTOMER SERVICES-GEN EVA
QUALIFIED ACCOUNTANT— FRANKFURT
HEAD OFCREDIT— PARIS
DOCUMENTARYCREDIT&-FRANKFURT
CHIEF DEALER— LUXEMBOURG
FINANCIAL ANALYST— GENEVA
COMMODITIES FINANCING— PARIS

_ aM _ ■■ m If you arc interested in these or other opportunities pieasa write in confidence

_ lAftSlailflB Wren enc/os/nga detailed curriculum vitae to Hoy Webh, Jonathan Wlrim & Cou Ltd*
■ ■ ■ " Jntematroruil Division, 170. Brshopsgata. London EC2M4LX. Tat 01-623 1266.

Banking Appointmonts No identities divulged without permission.

AIR ZIMBABWE

Applications are invited for the post of

CHIEF INTERNAL AUDITOR
OF AIR ZIMBABWE CORPORATION

based at the Corporation’s Headquarters at Harare (formerly Salisbury)
Airport, Zimbabwe.

Applicants should be either CA, ACCA or equivalent, who have at least
five years’ post qualification auditing experience. A university degree in a
relevant field and airline accounting experience would be an arirfed
advantage.

This position calls for A person with the necessary organising ability,
initiative and experience to establish a new Audit Department.

In return the Corporation offers:-
*An excellent starting salary

♦Membership of contributory pension and medical aid schemes
* Concessionary travel privileges
♦Generous leave

Harare is a modem city with good health, recreational and erinrafip nal
facilities, and enjoys year-round sunshine.

Interested persons are requested to send full details of cnrricnlmn vitae to:-

^c7

Fast and friendly — right down the line.

The General Manager,

Air Zimbabwe Corporation,
P.O. Box AP.l,

Harare Airport.

Zimb abwe.

INTERNATIONAL
TAX EXECUTIVE

Large U.S. based multinational firm seeks a
seasoned executive experienced In international
tax matters with heavy emphasis on Europe.
Public accounting, chartered accountancy or
equivalent experience with multinational firm is
essential. N.Y. based position with extensive travel
worldwide. Reports directly to Vice-President of
Tax. Language ability an asset.

Write Box A7914 , Financial Times ,

10 Cannon Street, EC4P. 4BY

INTERNATIONAL
APPOINTMENTS
APPEAR EVERY
THURSDAY
RATE £29.00
Per Single Column
Centimetre

KODAK NEAR EAST INC.
DUBAI

Offers the following career opportunities:

DIRECTORS OF
MARKET DEVELOPMENT

for Consumer Products and
Business Systems Products

Responsible for analysing the respective product-
markets, determining needs, opportunities and
potential. They wall assist and guide distributors in
developing their marketing capabilities.
QUALIFICATIONS: Candidates must be university
graduates, befluentin Arabicand English, and have
a good working knowledge of photographic
principles, as well as a good knowledge of Middle
East history and business practices.

CUSTOMER EQUIPMENT
SERVICE MANAGER

Reporting to the Service Manager and responsible
for the implementation of customer equipment
Service plans. The successful candidate should
. have primary skills in the administration area,
organising workflow and directing the activities of
people who repair Kodak equipment.

He should be a good communicator with a
customer/marketing orientation. He should be a
planner in terms of people and service require-
ments, with supervisory experience of profes-
sional and technical people. • .

QUALIFICATIONS: The candidate must have good
communications skills in Arabic and English, and
have a university degree in Mechanical Engineering.
Please send applications and handwritten _ cur-
riculum vitae in Arabic and English , together with
your university transcript and photograph to:

Photo Marketing Services,

P.O. Bax 3103, Am beloidpi, Athens, Greece.

CRUISE LINE

SHIPBOARD HOTEL MANAGERS

Prestigious Miami-based cruise line operating,
passenger vessels in the Caribbean has opening for
shipboard hotel managers.

The qualified applicant will have extensive- hotel '
management experience with thorough knowledge
of food and beverage. Previous shipboard experience
a must. Excellent starting salary and fringe benefits.
Send detailed resume idith references to: i- ’

SHIPBOARD HOTEL MGRS . ‘ '

P.O. Box 010042, Miami, FL33101; v>:

Financial Manager

Frankfurt attractivesaiary package + ear

Crosfield Electronics Limited, a Division of the British-owned De La Roe Group of
Companies, specialises in the design and manufacture of a wide range of sophistica t ed
electronic equipment lor the graphic arts and printing industries, and now exports over 85%
of its turnover. An opportunity has arisen for an experienced accountant to become the
Financial Manager of Crosfield Electronics’ German-based subsidiary

Reporting to the General Manager, the prime responsibilities wffl be to provide a complete
a dminis tr a tive and finandalsuppoit service to local management, to prepare monthly and
year end accounts, budgets and forecasts for the UK office, and provide a local treasiDry and
secretarial function. There will also be a re qui rement for extensive invobreroeut in the
development of ensting.coqqniterhafled systems.

Candidates will probably be' qualified acc ou nt a nts and must be familiar with multi-national
financial reporting procedures. Experience in EDP and staff control is also essential, as well
as fluency in German and at least a good working knowledge of English.

An excellent salary uri31 be negotiable according to ability and experie nc e. Other benefits are
first class and will include assistance with relocation expenses where necessary and a
company cat.

Please write with foil personal and career details to: Mr. A W. Tyler. Personnel Manager
Europe, Cros fie ld Electronics I&i, 766 Holloway R oa d , Ij mdon N19 33G.

\ j

Interviews can be held in either London orEschbonu

r.. -L ■>* This c&poi/ihiwit is opmtomen and women.

vi 2 Crosfield
Electronics

success h exporting Advanced Tfechnoogy

Hit

jrj A leading Financial Institution in the

Middle East requires:

i.

Bef:206(T

2. A FOREIGN EXCHANGE ANALYST

Win GH/Unn6 EXPBWBE^

of curtenciesand instrumented

im

appropriate.;:

Please write or telephone for an appli^tioh^fbmi-qubting the
appropriate reference number, to W. LTai£ r ^ r

Financial Times Thursday July 15 -1982

Tektronix is a world leader in electronics,
specialising in.the design, manufacture
and sale of test and measurement and
information display equipment in
Europe we have salesand
manufacturing! subsidiaries tooether

with dealer relationships throughout
Africa and the Middle East ■

, ; in The N'etherlandsfor a

Financial Planning Manager, who will be
responsible for ensuring the provision of
financial analyses of Tektronix* *
European operations, the co-ordination ’
and consolidation of shorts and
longer-term financial forecasts, the
analysis of the financial implications of
business strategies, capital expenditure,
forecasting and evaluation and related -
activities. Close working relationships
with Operating Managers will be a major
aspect of the role, which also offers the
opportunity for contributing to systems
development

This position offers the chance of having
considerably greater influence. on our
business than the classical financial
reporting role. You will be expected not
merely to assemble corfiplexand

detailed information but also to evaluate
it critically and to gain acceptance of
your proposals for any necessary ,

' corrective action.

To be an ideal candidate you will be in
your late twenties or early thirties and
will have a demonstrated record of •-
achievement in.the financial planning
department of a multi-national company.
You will also have relevant experience '
and qualifications.

To succeed in this role, you should be
. ready to have a real commitment to :
working from and living in The
Netherlands. Verbal and written fluency
' in English is essentia!,, and knowledge of -
- other European languages desirable.

A comprehensive and competitive
. remuneration package wiH be offered
and assistance given with relocation
where necessary

Please write, giving an educational and
career summary and details of personal,
•educational and relevant business
. achievements to: Arthur Wiforaham, .
Director, Human Resources - Europe,
Tektronix Europe B.V., P.O. Box 827.

' 1183AVAMSTELVEEN.

-The Netherlands.

Tektronix*

.COMMITTED TO EXCELLENCE-

r. Wir suchen zmn baldigen Eintritt

Portfoliomanager

mit mehrjShriger Erfahrang in internatibnalen Bdrsenwerten. Gute
Kermtnisse des Deutschen, des Englischen, moglichst auch des Franzosischen
sowie die Fahigkeit zu selbstSndiger Arbeit werden vorausgesetzt

Bewerbungen mit Lebenslauf, Zeugniskopien und Lichtbild richten Sie bitte
an unsere Personalabteilung.

Uniter itechsenbausen 4. 5090 KSln 1, Telefon 0221/1651 390

Deutschland ca. DM8,500 nach Vereinb.

Unser Kfient ist ein multinationaies Untemehmen, das sich in den tetzten Jahren einen
ausgezeichneten Namen fur innovative Landmaschrnen gemacht hat.

Gesucht vrird ein aufgeschlossener, quafifizierter B.uchhalter als Finanzleiter fQr
Deutschland. Sie sollten in der Lage sein, die Berelche Kostenkalkulation, Bankgeschafte,
Ariaeitnehmer/Arbeitgeber-Beriehungen, Export, Exportfinanzierung, Vertrieb und
Untemehmens-kapitaiisierungzuuberblicken.DanebensolltenSiezueineransprechenden,
effektiven Kpnimuqikation auf den verschiedensten Ebenen und Gebieten fShig sein: eine
gute Beherrsduing der deutschen und der englischen Sprache ist Voraussetzung.

Fur den erfblgreichen Bewerber sind auBerdem erstklassige Nebenleistungen nach
Verieinbarung vorgesehen. VorsteflungsgesprSchefinden in den nachsten drei Wochen in
Deutschland start.

B«werbungen erbetan an: Brian Luxtan, GeneraldJrektor (Ref: 6601)

flervyn HughesGroup

Garfield House, 86-88 Edgware Road, London.W2 2EA
Management Recruitment Consultants

01-2583725

AUSTRALIA

QUEENSLAND PUBLIC SERVICE
DEPARTMENT OF MINES

CHIEF ADVISOR

(COMMERCIAL POLICY)
BRISBANE

SALARY $A 45,489

The Department of Mines is responsible for the encourage-
ment and control of all exploration and mining throughout
the State of Queensland.

THE POSITION: The Department is expanding its
endeavours in the commercial and trading spheres and
requires a top-level executive to advise the Honourable the
Minister and the Director-General on commercial matters
relating to the mining industry.

THE APPLICANT: It is envisaged that the successful
applicant will have a background of commerce, economics
and/or law with an extensive -knowledge of commercial
activities preferably in the mining industry. Preference
may be given to applicants who possess tertiary qualifica-
tions. * He will have a proven ability as a high-level
negotiator both with local and overseas diems representing
private enterprise and government. It would be preferable
that the appointee be no more than 45 years of age.
SALARY AND CONDITIONS: The salary will be as stated
above and tinder normal circumstances tbe appointee will
be required to contribute to the State Service Super-
annuation Fund.

Four (4) weeks' annual leave plus long service leave after
ten (10) years of successful service.

APPLICATIONS quoting position reference number'
615 V 82 and containing full particulars of name, address,
telephone number, date of birth, marital status, qualifica-
tions, experience and present employment and furnishing
copies of testimonials and the names of two referees should
be forwarded to tbe Chief Executive Officer. Department
of the Public Service Board. Box 59. Post Office. Brisbane,
North Quay, Queensland 4000, Australia by 30 August 19S2.

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Salary negotiable
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UNIVERSITY OF THE WITWATERSRAND,
JOHANNESBURG

DEPARTMENT OF BUSINESS ECONOMICS
EPBRADLOW

CHAIR OF

BUSINESS ECONOMICS

This challenging opportunity — The EP Bradlow Chair of
Bi^toss Economics, which alsoInvohrestheHeadshipaflhe
Department, offers outstanding scope for personal
achfevemertwflhoneofSouftAfr^ Universities.

Applicants, regardless of sex, race, colour or national origin,
should ideally have several years broadly based teaching
experienceand possessagood puWicationsrecord. Further
experience gained ata senior level in industry or Commerce
would be an added advantage. The ability to communicate
effectively at all levels and to lead the department in both
academfc and ackninistrafive areas is frnportant.

The Department presently concentrates on four main areas
of teaching, study and research Business Finance, Marketing,
Labour Economics and Production Theory. The successful
person wfll have the opportunity tochange the emphasis of
researchinthosefieklsandtodwetopnewonesifdrared.he
or she will also enjoy excellent support from the business

community. _

The salary is in the range of R23 1 09— R30 255per annum,
plus a salary subvention of R7 500. Private consulting work
subject to University regulations is permitted.

Benefits include housing subsidy, pension fund, medical aid
fund, an annualbonus of nearly one montrissalary, generous
research leave privileges and 75% remission of tuition fees
lor dependants attending the University. Assistance with
retocation expenses also be ofiered. The Uruversity would
be prepared to consider a contract appointment.

The post commences early 1 983 or sooner If preferred.
Interested applicants may obtan further information from:
Director. Personnel Office University of toe Wrtwatersrand,
1 Jan Smuts Avenue, Johannesburg, South Africa 2001 .

^Closing cfaie for applications, 30th September 1 982.

"MW®

IN the NAME OF ALLAH, THE BENEFICENT, .

• the merciful

DAR AL-MAAL AL-BLAMI
A new International Force in Life and
General Insurance
MANAGEMENT APPOINTMENTS

The Takaf ol Division of DAR AL-MAAL AL-ISLAMI
(DMT) SA is loolang for pwpte and

ambition far appointments in both middle and
management positions. These positions are in
administrative and marketing of Life and General
insurance. Candidates should have previous eaepen-
cmre in this particular .field, a good academic
background ant? should pteferably be aged between
30 and 45. Appreciation of Islamic economic
principles would be a definite advantage.

Selected candidates will be appointed for posiUons
in European, Middle Eastern or African countries.
You will have, the satisfaction of working for a new
innovative and financially strong grpup which is
destined to become a powerful force in the field of
international finance. Written applications only

should be addressed to: _ ' . ,

Mr Mohammed H. A M, 30 Q-etghton Avenne,
London N101NU. . .. • ■■■ ■■■

GENERAL

APPOINTMENTS

SENIOR CLERK c £S,000

Spanish speaking banker, in mid 20s, roquirad for supervisory position
in cssh/ramittsncs department of respected Intemetronal Bank. Candidates
should ba fully ' conversant with remittance and dealing procedure* and
will" be expected to ably cover for department head when necessary.
Excellent benefit package offered.

CREDIT ANALYST to £15,000
International Bank seeks analyst
(25-40) with several years* experi-
ence ' in spreading financial _ state,
merits and preparing reports. Coun-
try risk analysis experience is an
advantage-

EUROBOND SALES c. ODJJOO
An ’established Securities ' House
wishes to recruit an additional
sales person* Ideally in lets 20s.
with et least two. to. three years’
relevant experience.

MARKETING OFFICER

Salary nog.

Expanding International Bank hat
new opening for person (25-35)
with solid banking background and
demonstrated business development
skills, prelerably with a European
language. ,

FJt DEALER c. £14,000

Establish ad International Bank
requires alert deafer in twenties
with broadly based FX experience
gained within active trading room.

COMPUTER PROGRAMMER to £12J)00

Leading European Bank haa opening for programmer With
at least 5 years' RPG II experience and international
banking background, ideally covering expon finance end.
money market.

OTHER GOOD POSITION B AVAILABLE IN ACCOUNTS, DOC. CREDITS,

' LOAN ADMINISTRATION, CREDIT ETC.

GORDON BROWN Consultants

4-6 COPTHALL AVENUE, LONDON £.02
Tel: 01-628 4200

FOREIGN EXCHANGE DEALERS

The London Office of an overseas bank seeks ASSISTANT
to the Chief Dealer. The person required will' be aged
between 26-30 years and will have held a senior dealing
position with at least 3 years' active experience in all aspects
of Foreign Exchange. Salary £.17. 000-05 JXX).

DOLLAR DEPOSIT DEALER with good arbitrage experience
required for die. London office of a major European Bank.
Salary flljnitflMOO. -

JUNIOR DEALER

Expanding overseas Bank with strong Middle Eastern con-
nections seeks YOUNG DEALER wfcft 1-2 years’ active Spot
Dealing experience. Salary £10,QWWL 15,000.

Far details of then positions
please contact Paul Boucher on
the number below or 01-743 9991
evening* and weekends.

hi ii

CHARTERHOUSE * »

APPOINTMENTS 01-481 3188

Europe House. World Prado Centre. London El

BANKING OPPORTUNITIES

OVERSEAS

SENIOR ANALYST/ PROGRAMMER c. £12400

Expending European Sink seeks experienced banking analyst/
programmer, in their 20 s. for production ol a new international
banking software package Must have 3 years' experience In
RPG 1 1 — «t least one year of which has been in conjunction
with IBM S/34 hardware.

FINANCIAL ASSISTANT/TREASURY c £10.000 '

Merchant bank requires a financial assistant aged 25-40 with 5
years' general banking background to trade interbank and with
money brokers plus all relevant back-up to deals. SmaH but
active department.

PAY ft RECEIVE SUPERVISOR 20/30 £10.000/£11 ,000

New European bank seeks pay and receive supervisor with
knowledge of account* to trial balance, management reports and
knowledge of forex instructions.

GRADUATE TRAINEE — CREDIT ANALYST c. £8.000
U.S. Bank seeks graduate, with 2 years' general banking
experience to train es credit analyst.

CREDIT ANALYST5 — BAHRAIN c £20.000

Analysts, aged 20s/30s, with four years* experience in credit
analysis of banks, corporate or financial institutions, witi't U S
bank training and Eurocurrency exposure required by expanding
bank in Bahrein.

UC Banking Appointments Ltd.

.1 70 BISHOPSGATbWNDON EC2M4LX

01-283 9953 * -

INVESTMENT MANAGER

C c-£25,000
ALSO

INVESTMENT .ASSISTANT

c-£10,000

Required for the management of church and
charitable funds.

Knowledge of both fixed interest and equity
markets essential.

Applications in strict confidence. C.V. to include
career resume and any church' connection to
Box A7915, Financial Times, 10, Cannon Street,
EC4.

SENIOR LOANS ADMINISTRATOR

required for our Loans Administration Department at
Finsbury Square: EC?

Successful applicant will bare a minimum 2 -years' related
experience with an alternations! bank, be between the ages
of 15-25 and educated to at least O level standard. Some
knowledge of money market instruments advantageous.
Competitive, salary. Benefits: BUPA, season ticket loan,
pension and LVs.

CVs (including contact telephone number where possible) to:
Personnel Department. Merrill Lynch Holdings Limited
, 3 Newgate Street, London ECL (No agencies)

Merrill Lynch

IT

UK ECONOMIC INDICATORS

ECONOMIC ACTIVITY— Indices of indnstria 1 production,
fceturing output (1975=100): engineering orders (lyg-ijm.
retail sales volume (1978=100); retail sales value (1978-100).
registered unemployment (excluding school leavers/ ano
unfilled vacancies (000s). All seasonally adiusted.

IndL Mffi. Eng. Retail Retail UnePfr
prod; .output order

1981
2nd qtr.
3rd qtr.
4th qtr.
Nov
Dec

1982
1st qtr.
Jan
Feb
March
April
May

June

detail tveiaii uuew-
voi. value* played Vacs.

99.3

100.2

L00.6

100.3
S9JB

100.4
99.9

100.5
100.8
101.0

102.6

89.1

90.0

89.9

894)

88.8

89.5

88.5
89.9
90.0
89.7

93
104
89
93
. 81

98

91

101

95

104.7 134.5

105.5 139.1

105.4

105.6
1046

106.6

107.0

106.1
106.6
10S.9
105.8

168.5

2,482

2.641

2,752

138.4 2,760

193.1 2,769

141.3 WU7
143.9 2,812

137.6

142.3
146.1

145.4

2,818

2,822

2£50

2,872

2JU1

99

96

104

104

105

112

112

113

111

110

107

108

OUTPUT— By market sector; consumer goods, investment good*,
intermediate goods (materials and fuelst: engineering output,
metal manufacture, textiles, leather and clothing (1975=100);
housing starts (000s, monthly average).

■

Consumer

lnvst.

InUDd.

Eng.

Metal

Textile Hons®.

goods

goods

goods

output

mnfe.

etc.

starts*

1981

2nd qtr.

93.1

89.3

118.0

S3 .2

78.4

75.S

14.1

3rd qtr.

93.8

S9.R

118.7

86.5

77.8

75.3

14.2

4th qtr.

93.3

90.0

121 J

86.4

82.3

75.5

11.6

Oct

94.0

90.0

1 23.0

87.0

84.0

76.0

13.2

Nov

93.0

90.0

121.0

86.(1

82.0

76.0

IZA

Dec

93.0

90.0

120.0

87.0

81.0

75.0

7*

1982

1st qtr.

91.6

92.3

-119.1

87.8

80.6

73.5

\4J»

Jan

91.0

91.0

120.0

87.0

81.0

73.0

I1j6

Feb

92.0

92.0

119.0

88.0

83.0

74.0

ISA

March

92.0

93.0

1)9.0

89.0

77.0

73.0

t7S

April

May..

92.0

93.0

120.0

87.0

82.0

73.0

17.2

1R4

EXTERNAL TRADE — Indices nf export and import volume
(1975=100): visible balance: current balance (£m): oil balance

Export

Import

Visible

Current

Oil

Terms

Resv.

1981

volume volume balance

balance balance

trade USSbu*

4th qtr.

132.4

126.4

+482

+ 1.357

+ 698

99.8

23-39

Sept

129.8

129.2

+ 58

+271

+291

99.6

23.70 .

Oct

135.5

122.2

+396

+ 688

+ 74

98.9

23-32 '

Nov

129.7

136.3

—229

+ 63

+205

100.1

2X48 >

Dec

1982

130.0

120.6

+315

+606

+419

100.4

2X39 ,

1st qtr.

125.4

123.1

+224

+ 553

+ 652

101.0

18J97

Jan

118.9

■123.4

-152

- 42

+ 168

101.2

23.23 1
23X7 .

Feh

124.8

120.6

+ 134

+264

+270

100.6

March

132.6

125.2

+ 222

+ 331

+214

101.2

18.97

April

134.6

130.3

+ 196

+346

+419

ini.o

18.16

May

June

132.9

135.6

-115

+ 35

+327

100.7

17.82

17.70

FINANCIAL— Money supply Ml and sterling M3, bank advances
in sterling to the private sector (three months' growth at annual
Rile): domestic credit expansion (£m): building societies' net
inflow; HP. new credit; all seasonally adjusted. Minimum
lending rate (end period).

Ml

M3

Bank

advances DCE

BS

HP

MLR

%

%

%

£m

inflow

lending

%

1981
2nd qtr.

23.1

17.3

6.5

+4,036

1.103

1,984

12

3rd qtr.

8.1

28.1

29.7

+6.031

868

2.057

4th qtr.
Sept

9.7

22.8

34-7

+2,365

+2,622

422

334

2,081

712

Oct

- 4.7

20.2

24.0

+ 1,425

154

690

Nov

7.6

17.3

20.4

+ 460

65

684

_

Dec

+ 480

203

707

1982
1st qtr.
Jan
Feb
March
April
May
June

+3,130
+ 853
+ 1.104
+ 1,173
+ 1.600
+ 1,599

967

356

347

264

437

478

429

2,157

665

698

794

728

709

INFLATION— Indices of earnings (Jan 1975=100); basic
materials and fuels, wholesale prices of manufactured products
(1975=100); retail prices and food prices (1974=100); FT
commodity index (.July 1952=100); trade weighted value of
sterling (1975=100).

. 1981
2nd qtr.
3rd qtT.
4th qtr.
Nov
Dec
1982
1st qtr.
2nd qtr.
Jan
Feb
March
April
May
June

Earn-

Basic

Whsale.

FT*

ings*

matls.*

mnfg.*

RPI*

' Foods*

eomdty. Strig.

202.2

225 .R

219.4

294.0

277.0

245.07

97.8

209.9

235.9

224.1

299.1

278.8

260-83

90.6

214.6

237.3

2292

306^

285.6

248.97

89.T

214.3

236.9

229.4

306.9

285.5

245.79

90S

217.1

236.8

230.4

308JI

288^

248.97

90S

216.9

238.0

239.5

234.3

238^

311.6

297.7

242.40

233.46

91.1

90S

214.1

238.9

232.9

310.6

296.1

252.94

91.1

217.0

3>9J

2W.4

310.7

297 2

241.77

914

219.7

2X5.4

235.5

313.4

299 £

24X40

90S

219.6

238.7

237.0

319.7

302.6

246-84

90S

222.4

237-2

242.7

238.3

239.2

322.0

305.6

237.39

233.46

SOS
91 S

' Not seasonally adjusted.

BASE LENDING RATES

A.B.N. Bank 12 %

Allied Irish Bank '. 12 %

Amro Bank 12 %

Henry Ansbacher 12 %

Arhuthnot Latham ... 12
Associates Cap. Corp. 13 ^

Banco de Bilbao 12

BCC1 12 %

Bank Hapoalim BM ... 12 %

Bank of Ireland 12 %

Bank Leumi lUK) pic 12 *7,

Bank of Cyprus 12

Bank Street Sec. Ltd. 13*%

Bank of N.S.W. 124%

Banqup Beige Ltd. ... 12 %
Banque du Rhone et de

la Taraise S.A 121%

Barclays Bank 12 %

Beneficial Trust Ltd. ... 13 %
Bremar Holdings Lid. 13 %
Brit. Bank of Mid. East 12 %

■ Brown Shipley 12 J%

Canada Perm’t Trust... 13 %
Castle Court Trust Ltd. 12
Cavendish G’ty T*st Ltd. 14 %

Cayaer Ltd 12J%

Cedar Holdings 13 %

l Charterhouse Japhet... 12)%

Choulartons 13 %

Citibank Savings ?12J%

Clydesdale Bank 12 %

C. E. Coates 13 %

Comm. Bk. of Near East 12i%

Consolidated Credits... 12)%

.Co-operative Bank *12 %

Corinthian Secs 12 %

The Cyprus Popular Bk. 12 %

Duncan Lawrie 12 %

Eagil Trust 12 %

E.T. Trust 12|%

Exeter Trust Ltd 13 %

First Nat. Fin. Corp.... 15 %
First Nat. Secs. Ltd.... 15 %
Robert Fraser 13 %

Crindlays Bank 312 %

I Guinness Mahon 12 %

lHambros Bank 12 %

Hargrave Secs. Ltd. ... 12 %
Heritable & Gen. Trust 1 2f%

I Hill Samuel §12 %

C. Hoare- Sz Co. 712 %

Hongkong ft Shanghai 12 %
Kingsnorth Trust Ltd. 13 %
Knowsley & Co. Ltd. ... 124%

Lloyds Bank 12 %

MaMinhal! Limited ... 12 %
Edward Manson ft Co. 134%

Midland Bank 12 %

Samuel Montagu 12 %

Morgan Grenfell 12 %

National Westminster 12 %
Norwich General Trust 12 %

P. S. Refson ft Co 121%

Roxburghe Guarantee 13 %

Slavenburg's Bank 12 %

Standard Chartered ...JJ12 %

Trade Dev. Bank 12 %

Trustee Savings Bank 12 %

TCB 12 %

United Bank of Kuwait 12 %
Voikskas Inti. Ltd. ... 12 %
Whiteaway La id law ... 12J%

Williams ft Giya's 12 %

Wintrust Secs. Ltd. ... 12 %
Yorkshire Bank 12 %

! Members of the Accepting Hqumi
C ommittee.

7-diiy deposits 9»i. i month 9.26% i

Short term £6.000/12 month IT. 6%.
7-day doposits an sums oh under
£-10.000 9%. 00.000 vo to

£50.000 3V/„ £50.000 and oner

10*3*10.

Call deposits £1,000 and aver
9*o.

21 -day deposits ever £1.000 10%'.
Demand deposits 9*A.

Mortgage base rate.

18

Financial Times Thursday July 15 1982

MANAGEMENT: Marketing

gDITED BY CHRISTOPHER LORENZ

survive in

s den

Christian Tyler on Lansing BagnaH*s success in the tough German market

OJTE OF the first tiling the
foreign owners did when they
bought the fa non* was 10 fire
half the labour force — mainly
for drinking and brawling at
work. It was an early stun
of the new arrivals' determina-
tion to succeed against fierce
native opposition "in one r>F
Europe's most difficult marks lx

An American mult manorial
in Scotland V Not a bit or it.
This was a British engineering
company sett my up sliop in the
relatively ^asy-going South-
West of the German Federal
Republic. And its aim v. as ro
wrench market share from some
SO competitors, both domestic
and foreign.

It was 16 years nyu ihar
Lansing Basnall, the UK liri-
trurk manufacturer, decided it
could no longer afford to tenure
the plum GontinvRt.il market;
at limes West Germany has
accounted for almost half all
European sales of elucirie
trucks.

Tn-dav. Lansing Gnibir. with
an 8.000 sq ft factory si Pox-
Vietm. in the Rhine valley,
south-west r»r Heidelhi rj, i> one
of relatively few UK engineer-
ing companies in haw nut down
its uwn roots in West « ler-
many’s rigorous industrial
climate.

Lansing enjn;.i — if ihat is the
word — a --orf of symmetry with
its bigyesj West German com-
pel ii or. -lunglieinrich. As rc-
por'erj on Hus Pdge some v.-ivr-N
acn 1 May 13 1 Jun;h<*inrich
claims '-I- 1 'I per r«ni nf the UK
market fnr electric warehousing
trucks which it imports through
n.s Mam he- ici-based marketing
sun-idinry. Lansing claims 7t io
10 per cent of the West German
market with product- manufac-
tured hmh at Roxheim and at
Basingstoke. Hampshire. The
two rivals have been opera ring
in path other'.- markets for a
similar number of years.

The difference is that Lansing
took the manufacturing route,
using nosh'd m as a supply
centre not only for West Ger-
many but for other countries
as well— including the UK. Of
the I.BOn units produced
annually at Rosheim l compared
with a capacity nf lu.oon at
Basingstoke) fiOn are sold with-
in the Federal Republic. And
of the rest the biggest propor-
tion — about 3ii per cent — goes
back to i he UK.

There arc nearly lO.nno

Knxhei m-hui i t Lansing trucks
out in the field now. or about a
lenih of Lansing's world “ popu-
lation." The factory appears to
he expanding, despite hard
times, in produce small
machines like floor trucks be-
cause the profit margin on ship-
ment 5 From the UK is very low
— nniniy. says Lansing, because
of an unfavourable DM-Slerling
exchange rale. But nearly all
the big. high-value trucks sold
from Roxheim am still being
shipped over by trailer from
Ba-ingsioke and modified as
necessary for the customers.

Sales from the German fac-
tory are won h about £20 m a
year, of which £1 1 ni are inside
G-rmanv iis«.-|f. wiih pans and
service accounting for a quarter
of the total. Gross margins
range from zero to »> per cent on
vile* and the last, accounts are
expected to show a profit of
under DM1 m f £23(1.000) at cur-
rent exchange rates).

Such arc the bare .statistic*
r*r Liibios's German operation.
But how does the company con-
trive to hold on where other?
have tried and failed?

Tailor-made

Lifi t nicks are not com-
plicated. nor are they suscept-
ible jo great engineering revolu-
tion.-. Bui i lie compeiitiun is
keen and ihy cushimers have
begone fussy. They demand,
and ‘Jet. lailor-madc machines.
The (nicks have to fit the ware-
house?. not the other v.ay round.
As a rvsuli. one manufacturer
can steal a hig customer from
another b.v introducing what
m.iy look to the outsider like a
minor variant. A small turn of
r he spanner in one direction or
i lie oi her cun produce quile
large swings in orders.

.Nowhere i- ihts so true as in
XVeai Germany. According to
Lansing, the German market is
more .-enHtive m qualify and
Inch Fpccifieaiinn ihan it is in
pnec: nr rather. German
.■u? i orners go for a higher
"price - .specification profile"
ihan du British customers. They
rend not in mind where or by
whom a machine is made
i although Lansing likes to make
it clear when the machine is a
Roxheim product) provided it
stands up to the Haims
advanced fnr it.

It goes without saying that
failure to deliver can be fatal to
a customer's goodwilLYou might,
says Lansing, get away with
your force t najeurc explana-
tion once, but not twice. _ I*, is
. not good policy m say that a

strike m the UK is responsible
for the hold-up, even when that
is true. The buck must, come io
rest with the person that the
customer sees before him.

.lohn Allenby. former airline
pilot and keen offshore yachts-
man. is the man who was
charged with setting up the
German operation. He is now-
one nf Lansing's two managing
directors. He says Britain still
has a reputation for poor
delivery and for inefficient
supply of parts and service. To
make matters worse some West
German customers do not even
know — or believe — that Britain
has gone metric. Yot despite
that, there is what Allenby calls
"a strange pro-British feeling
which means you always get a
sympathetic hearing."

In the same way there are
signs of emerging anti-Japanese
feelings, a tendency nor to buy
Japanese w-hen the " price-
specification profiles " of Japan-
ese and native goods converge.
At all events, the Japanese
-share of the W. German electric
truck market is thought to have
declined from 15 per cent to
around 12 per cent.

Lansing decided the best mar-
keting stategy was tn aim its
products mainly at the big fleet
buyers, particularly »he auto-
motive industry and the cold
store business.

That strategy* is dictated
partly by Lansing's vulnerability
lo competition on prices and
margins. Large customers will
not baulk at paying a bit more
for machines which can be
counted on to run round the
clock and which meet their ex-
acting design specifications. It
also made sense for a sm3ll com-
pany to focus on hig industrial
locations: apart from Roxheim.
it has six service centres: in
Hamburg. Hanover, Dortmund,
Cologne. Stuttgart and Munich.

Rnxheim's first customer was
Jopa. a big ice-cream manufac-
turer in southern Germany.
Then came Unilever— another
cold store sale— followed by
Opel and IBM ("our first eye-
opener on German specifica-
tions The next big catch was

Bruno Kulick, head of Landing's West German operation— native
managerial skills with an understanding of the British mentality

Volkswagen, which now takes all
its heavy trucks — three and a
half tons and over — from Lan-
sing. Other big customers in-
clude Bosch, Siemens. Procter
and Gamble, the German Post
Office. Dupont and ICI.

Once gained, such customers
still have to be taught for. Every*
time i he client reviews his fleet
the competition flocks back to
bid for the title of preferred
supplier. One may have cut his
prices, another may have intro-
duced a new model — perhaps
aimed directly at that customer.
In this game of leapfrog. Lansing
loses as well as wins.

What does Lansing's ex-
perience in West Germany re If
it about priorities for new
entrants to the market ? Allenby
puts them in rhe following
order:

First come? quality — which
means, among other things,
engineering at .least to German
standards. Roxheim does its own
machining and welding of vital
pans. It also makes the machine
tools that its subcontractors will
use to fabricate the less sensi-
tive components. It means being
familiar with the national
technical standards, a barrier
rhar is much easier to surmount,
of course, if you are a local
manufacturer and one oF the
club.

Second comes innovation.
Lansing says it was able to offer
two novelties when it started
up: electronic controls as a
standard feature, and a new

product In the form nf the
narrnw-aisle turret truck.

Third comes support. The
national parts and service net-
work. now computer-controlled,
was put in place before the first
truck left the factory.

Fourth is management. Alien-
by believes that get tins the
right head man can make the
difference between success and
failure. He needs to be " a first-
rate German manager but able
to live with the British
mentality-' 1 Managers like that
are hard to find. Lansing found
Bruno Kulick. Some foreign ven-
tures in Germany have folded
when the boss has IcFr.

" We were very fortunate. We
got four key people." says
Allenby. Among them was a
chief designer who had worked
once for Junghcmrich and who
had a flair for modifying the
UK-imported trucks for the
local market. Another valuable
acquisition wa? a “ top sales-
man " from another competitor
who approached Lansing even
before it had started in business.

If getting the wrong manager
is one recipe for failure then
another is underestimating the
investment required. “You need
to invest on a scale that might
feel like a sacrifice.’' Allenby
said. " But remember you are
going into the lion’s den. the
most competitive market for
engineering products in West-
ern Europe.' 1

Which means, nf course, no
drinking at work.

ADVERTISING

agencies are up in arms
about Channel Four

WHEN advertisers and agencies
meet executives front. Britain's
Independent Television ■ com-
panies over the coffee cups next
Tuesday. bridg&buihEng- may
be Die first item oh the qgonriq-
The advertising world has
become increasingly nervous
about the shape and form of
rhe new Channel ' Four, . and
about its low public profile:
"Channel What?” is the com-
monest gibe at a new service
which relatively . few people
seem to realise is only four
months away from launch.

Four main points' have been
bothering the agencies—' the
lack of a detailed programme
scheduler the likely level of
audience that Channel 4 will
actually achieve;; the way the
audience will be researched;
and the complex area of rate-
cards and tbe-way the channel
is bemg sold.

While there is plenty of good-
will towards the new channel
about its expected programme
content, unfavourable compari-
sons are already being made
with the way independent tele-
vision’s breakfaBt . television
service. TV-AM. is going about
launching its service, now due'
on the air next February.

In particular, the agencies do
not yet seem to have given up
the fight for a single, central-
ised selling force for Channel 4,
along the tines of TV-AlTs. As
it is. (he new channel is oper-
ating a re gion-hy- region system.
Its budget is divided among the
television companies in the
form of subscriptions (in the
first year this' is confused by
set-up borrowings and lowered
subs). The companies then
attempt to claw back, or exceed,
their subscriptions through
sales of ads in their own area.

One point which will be
cleared up next week is the
programme schedule. A general
programme scheme has been
available since February, but a
certain amount of flesh will be
put on the bones next week—
□one too soon for some people.
But Sue Stoessl, head of mar-
keting at Channel 4, defends
the wav .things have been done.
She makes the fair point that
the channel could not afford to
announce its plans too soon.
"With 65 hours of new pro-
grammes it is hard to do more
than we have done,” she says.

A more fundamental concern
is the level of audience the new
channel will attract, and the
length of time it will take to

build up to the 10 per cent of
potential audience of which
most people believe it is cap-
able.

“There is every reason to
believe it will be a disaster to
start off with,” says Ted Bates*
media director. Chris Horsley.
He points out that it took BBC2
10 years to build up an. 8 per
cent market share, and that it
is only since, last year , that it
has enjoyed Its current 11-12
per cent share.

Equally. ITV has never re-
gained the 55 ®>6r cent of the
audience which it was taking
prior to its 1979 strike.

Horsley expects a market
share of 3-4 per cent for Chan-
nel 4 in Its -first quarter and
says this means “its commer-
cial value will be fairly slight”
But Sue Stoessl believes that
the young and the “light"
(occasional) viewer in particu-
lar will tune in very quickly.

TTie question of audience
level ties in very closely with
agency doubts over the very
varied rates, differentials, pack-
ages and deals on offer from
the different regional TV com-
panies (known in the business
as “contractors'’). “They are
making it a very tough medium
to bay," says Mike Townsin.
deputy chairman of Young and
Rubicam. "Like all things in
selling, the easier it is to buy
the better. And they should be
selHhg a new medium whereas in
fact they are selling a low cost
extension of ITV 1, and some-
times not even low cost If :they
do this they will get what they
deserve, a straight transfer of
money from one channel to the.
other. Then they will make
their selling - conditional to
make sure sums of money don’t
switch;”

The stated aim. and hope, of
the now channel is to enr
courage different advertisers to
take advantage -of this gener-

ally lower- cost way of getting
on to TV, and Sue Stoessl hopes
that this will still happen. “ We
would like to see different sorts
of . advertisers coming io. The
image of the channel -is formed
by all 60 minutes, and we would
like to see distinctive advertis-
ing giving it a differeiu l*ok-
We also think that in revenue
terms it is essential to have
new. advertisers because the
system needs new money, rather
than i- spreading the existing
money."

Certainly if new advertisers
are not found, the cost of air-
time will have to decline, since
C hann el 4 will -increase the
available airtime by 40 pea* cent,
whHe advertising agency esti-
mates suggest that it will only
increase total ITV viewing time
by 15 per cent.

Accusations of a lack of com-
mitment on behalf of the con-
tractors in selling Channel 4
are met by Sue Stoessl with the
statement that things will be
different after next week. Then,
she says, die contractors will
>be seriously selling the autumn
schedule where up tn now they
have been occupied with selling
the summer.

.-And she in turn attacks the
agencies for their much pub-'
Ucised doubts about. the ability
of the available viewing
research to pick up the minority
audiences Channel 4 is arming
to attract. " AGE" has all the
information that could be
needed,” she says. 1 “ People just
' don’t- use the BARB data which
is available' from AGB at
present”

She refutes agency sugges-
tions that the BARB (Broad-
casters’ Audience . Research
Board) panel rs not large enough
to give accurate readings of
small demographic groups—
nationally it covers 2.900 homes
— and she promises that Channel
4 will he doing its own work on
the BARB figures to help adver-
tisers. "We are having a suite
of programmes written to
Interpret the BARB data." she
says, "and we will use the
panel much- more creatively
than it is at present.”

But for the moment the
doubts remain. "They may be
fooled by the fact that some
money comes Into Channel 4
in the autumn.” says Chris
Horsley, "but January and.
February will be. .the testing-
time.'

7 Howard Sharman

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TECHNOLOGY

EDITED BY ALAN CANE

Waste disposal j Welsh company Mixalloy looks set to make an impact on the metals industry Robin Reeves reports

Sewerage

slurry to replace hot and cold rolling

BRITAIN'S SEWERS, u reem*.
are beginning to feel : ho ‘Tam
after more than 1D0 years of
effluent. Many are sevcrcl;.
Corroded.

Repairing and replacing r.ecd
underground pipca prosen*.
water authorities wiih .- difficult
problem because repiacm" the
sowers wh:«h often lie under
busy streets is a costly ;nd
disruptive task.

The Thames Water Alt it or':*.;
decided to try lining a I IS-;- car-
old sewer irt ihe Farrington
Street area of London v-*i' ri ;■
sprayed foam insulation m?ir.i;-
used tar roofs, r.itiivr than -J. j
i;p the road

The author: ty asked Gr. n-
p rentier products of T,I.i id.ti o::-.-
:n undertake ihe work. Tii.-
company shotbij^tcc! the iron
sewer. Jpp!:-d u primer vnd
,-n epoxy com.RC. ft then tmirie
z lass reinforced plastic ie^-
r.cn't ,ine the walia -.mail
rnouch : .o be lowered through
■ho 3 ft manholes.

The loam v:a? m-vti io fill site

p be i ween ;he new !;n:ns and
the prepared r-ewer. to produce
a stable pipe.

: RHYD7MWYN * the name of a
I villa ul- in f'lwjvl. Norih Wale?,
which can be Iran si a ten as
" nif-ial ford." I' makes a very
appropriate location for the new
company. Mix/. Hoy. winch has
crossed the drti-ie from one
metal lechr.olojy to another. It
i developin'.’ a business which
H-eiil'- likely <o make a bic
impact or. ?he morals Industry.

Gone arc ih- massive hor and
• odd nd line d'.-pir'nienis and
.<nnv.i!inv p:t' - ir.voh'in^ million?
<-f puund> -sf mvc-dmem. Tn
ineir p : is ■.*' - is a modc.'i produc-
tion line i! >.-rj ;ip:;'...-ni which
more 'r- -i:» pain: blend ini'.
toii.ic'.-i.*-roihir^ and pjper-
'iick.nv. i'l-'.UiTW”. »ii. n w>

.■:.*i :::.rdale.

.'•IiTaiiOj’s 'nu-m-st Is the
in.:!' i ti'.-icmrc iji' virtp n'cals :ind
.■sin. ^ ;r«in: jiieial powder slurry
r-Givr im? *n»:a:. i:? it- _• a

meivin'ovy ‘tic!? v.as dovolopc-d
i<y !o>- Briii.-.;: Corporation

;v-r r ! i.wn -rie rci-J ,<i Shotton.

By she time HS»‘ was r**ady to
mow nn from :he rc-carch and
r*"v.d'iprr-.-n* u.ic* m ptio: p.-o-
d'tcti'in. i he Corporn'ion was
hup -i.; -sic iv, iti'- r-:* 1 . and hardly
m i nf more strip s.'eel

capacity.

The ShoMnn plant still holds
the unenviable record for the
hig?e?t number nf redundan-
cies in occur on a single site at
any one time — mure than T.f:0P
lost their job? with the end of
open-hearth iron- and sreel-
makin? at the Dceside works
two years ago.

Amony those who opted for
redundam-y cheques were Id was
Davies and Ed Jackson, rv-r r.
of whom had been working or.
the slurry project. They *«*a
the opportunities i: pre?er.*»?c
fur manufacturing a whole
ratine of strip me tali and 5 Hoys,
not just iron- and s'scNca-e-;
products. They linked *;p v. -.‘r.
Fran. is a retired 35'!’

^•■[tior ex*-«-:iii*e ;x j ; h so.-,d C.t;
link*, and Law ion Fare, who
had worked on BSC 7 •;« ..rr.mer-
cial ‘idc at both Sh».-**or. ar.o
tinplate «lr. i-u*n-

Mm-ier .'«--e*. jt. J :_‘X
vident fn*t;rar.co came
£0.5m capital so. I.iar.'.v. the
project. ;.nd G!w;..i Cttr*;*
Council pro\id aa (j riddi'ic.o.ii fn-
ancial help and i't-and v.:::aV-ie
premises on a private iRdustrr.d

estate at Rhydyrawyn. near
Mold.

ESC. for its part, agreed fn
rive the company an exclusive
world wide licence fnr rhe pro-
cess. Mixalloy is permitted to
produce every hind of strip by
the slurry method except steel
and to sub-license, in some in-
stances.

I: tcor* nine months to huild
arc commission :ne plant a'.
Rhydyrawyn. The first strip
•*•*« ;oid in March and. la-^.
ir.orth. Mixalloy ran through its
fir- 1 order 0: more “ban a
v-nne. it ?'ill in 'he process

• f i.u-tonrer*. So

r. everythin-.; !• ha? produced

i'-Ss i’ine abroad.

Provided a metal is available
:r -'--dor form. Mi::ai!oy can
**jrn into a :n?ia! nr alloy
r;p: jp :o 300 millimetres
wid’h. th «u2h :ne. r c are plan?

* j z \ i Sit tj.y wider in the near
I'u'-jrc. The basic prove.- co.i-

r -f mixing tbr- moral
;.<iv.d>-r <«r powders v. :i h a
iivu.c. .eiii:!u>v binder t>. make
a •:i.rry. roSlmr *hc- »»n* :n a
c-ir* .ncous hand and hear.nu to
evaporate rhe water.

This produces a self-supporl-
in? band of powdered metal
which is then passed through a
mill and a furnace, operating in
an atmosphere of hydrogen to
help bind the molecules to*
mother. The binder burnt off
in the furnace lea*. inn a metal
strip of 9(1 per cent density.
Further roll me and a second
furnace finish c.ff the process
to make a totally dense V.rip.

To the best :tf Mura Hoy's and
ESC's know-lease the slurry
method js unique and being
patented a** such. The ?!urjy
can be prepared 10 produce a
ttzht specification ailoy or
simply 2 pure meta! strip.

The initial mir.in- nf the
*iurr;- can guarantee a far
better rf : stnhuttor of alleyin^
acen's than -Jovs molten nielai
and mcredienL* can be added
which would not survive melting
and. 'or ho: rolling.

In the cr.?e of a single mcsal
strip, the process can guarantee
a htener pnnty end-proauci
*inc? thorp :s no cont.immi-.nnn
from ladle; ,*.nd other equipment
nece^=ary for handling hm
Rieiai.

First Setter . SecondSntBr

Product

The Strip From Powder Process

Cut your
tela costs
here:

Network
Technology
i Limited

We have the affordable ,
effective answer- now!

Unit a Suttons Industrial Park
Reading, Bate. RQ6 1 AZ
TeL (Q734) 684667 Totex 849023

Radio testing

Software

package

From Mixalloy’s point of view,
the process is also extremely
fipxible. By changing the slurry
mix. it can produce several
batches of strip, of widely differ-
ing physical and chemical speci-
fications. and varying quantities
— all in tne space of one day.

For rhe customer who has long
been forced to buy a minimum
of a tonne of his special alloy

from conventional sources. Mix-
alloy is able to offer a few
hundred grammes ar a time,
produced economically.

Mixalloy also insists that the
process not only gives a thinner
strip than is available via hot
metal rolling, but also gives a
gauge tolerance of 1 per cent —
compared with at best 5 per cent
by tite normal production route.

THE TESTING of amplitude
and frequency modulated trans-
mtiter/ receivers is simplified,
says Hewlett Packard, by the
use of an instrumentation set-
up called’ HPS955A, driven by a
new, comprehensive software
package.

The arrangement embraces
the company’s S903A audio
analyser, the 890 1A modulation
analyser for -transmitter modu-
lation measurements, the S656A
synthesised signal generator and
the 436A power meter.

Tile operating system of the
software employs an automatic,
program generator which links
together the user-specified
measurement - routines into a
storable program.

Diagnosis

Fault check

Geoffrey Charlish examines the Pitney Bowes system to make life easier for people in the post room

Of ■■.'he.-hnnr. Hor!.;
iOPKI 1 lias devel'ipvd '• h •

T4.’J.i. a pjlf--. 1 ?-:i '<i jo!'.--

Tihme cable fa tit loc. -,, -ir v.-hi-.-n
r. ‘•-.urv '.hv •e- i *.-.:■-. v i'oro.?

:■ -tisp-x-t'.-ri Dull end ^nipare
Trr*~'.. rp ,, i , *J 1 n 'J. :;p i-nii

There are !l* f <-.il* 1 ctil-v

r.i : r«.-ir. .V! metres :«i l!kni
:he pri> ! - 1, •«■'■! can p:r-
: '.-'l "'1 -.viGiin 1 Jpcr.

..r.;l .-short urcurs and 3cvcr.1l
lr-c; rund:lluSs ^s.n he »!■.-> cr-
rns.ncd

minutes

■L’GH ON'E of the nuist
-.-.a;.- of iealine with

:r.v :r.':! rro:n jn;. -iicablc
is :bt- fraukina
v.c T" m *;u-n
-f.e :ii'-* d.-awhack rha:
<■-.* . tr.vy must he physi-

1-..;!;.- =:. n-f'i.--.Vil ti. a pn-« 'iffice

»..■ lie-.* tic-.v 1 red; 1 programmed
P:-.*:* y.Ei)y,c5 — which eimni
11 i. ■. »■ .ifi per rent of the £2om
i. K market j:i ; r:esc m^-.-hincs —

•believes «r.a: ‘re
pr”<:c*s take*
on a. cr^je ar.d .
inconvenience an ■*
in m."> roo;::;

■ ,n.*cr:s a m uitt frequency
® icr.crb’-or mt-c* mor.tit-
p.-. ,e *r.e tvieph'inc. hav:ni
r-v3«-*r rfTect of ullowins r he

- .--v*> dicier ;o '* '.aik 10 " lh°

S'i It has ih ! renJ:,vt.-<i PM?:.-- — compiler by 'inndirr

remo'c mct.’r resetting .*ys*wr , ucif-’e t-mes that represent

— v.-i;'."! .--Slows The ; r ’- * ■■ r." -•*-. :-r*-

il*»ne o' pbi.r.'ni' a ••-■•mo ::-" T'*.- ti-er men nnz. : lb*-

fro.T. ifv» rix.11: Re-.;i;.:.-.. - ^ v. Me Pitney Bnwe.-

!!J2 then .tbo*:: 5 ft ir* A; ;! hear renuec: *«

T. ; .jpvr..:, 15 MRS. *rc V *•; :r. da:a u«inz 5

#m*i: harri-'irM k*'yr-‘; i.

The msiruc'.vms. generated
elect ror.icrtily by ‘ho cc.n f rj!
computer, will 'c!l -hv caller
■o enter an opening ccnc. his

account number, the meter num- and Kinds checks. ..after which

her and the amounts of credit
used and unused.

At the centre, the computer
will ihen make data, security

Keep yoursalesmen off the phone. We can make 5,000
contacts a week to keep them on the road. Telemarketing

Cali the telephone marketing professionals on GI-2474S4L25 Clifton Strest London EC2. B3

fer J

pr§&> '.V .

*7* £*•*-*%

The Pitney Eoue*. remote meter resetting system.

its voice unit will "speak" a
reset .code number which will
allow the combination lock on
the meter to .be released and a
set amount of credit to be added
to the postage unused register.

The lock combination, is differ-
ent every time the ' system is
used, to improve security.

Two models of the new meter
are available, the 5388. with
setting increments of £200 and
the 5388 with £2,000 increments.
Records of all the ftMRS users’
transactions are held on a
£025m computer at Pitney
Bowes* European headquarter*
in Hariow, Esses. AH the. hard- '
ware elements of the machine
are duplicated so that if any
single element fails -its func-
tions -are automatically taken'
over by the duplicate; without
halting normal operations.

Hie arrangement gives a" :
mean time between failure! of
some 58 years: there is essen-
tially no risk of a user failing,
to -get a credit update when’
needed. .

Each of the users- pre-pays^

funds for crediting his meter
and, of course, the computer
will only issue re-set codes if
there are covering funds avail-
able. The computer also
generates billing paperwork
for each customer.

; Pitney Bowes believes the
new • meter .will encourage
further use of what it regards
as a- beneficial system, empha-
sising that there: are no stamps
in the mail room to he lost or
“borrowed," .letter, processing
is very rapid, the frank identi-
fies the sender and at the sune ■
time -gives outgoing m»n a
more businesslike appearance.

Of the 27m letters that are :
posted every day in the UK,
46 percent arpTrtnhed already. .
But Pitney. Bowes believes there
Is-.'stiU much market, scope
-among, companies currently
using pre-paid Impression or
are sftnpiy; Sticking on stamps!

Prime targets for the com-
pany will, therefore, be travel;
and. holiday companies, govern-
ment. departments. .-schools the
retail industry,-, -.bank, branches
and local- authorities. . - .- •: ^

\

-Wig. -

/

SI 9

Financial Times Thursday July 15 1982

19

e’

sur

mts

■: tft.

I V

THE ARTS

Museum of Mankind

Antony Thomcroft

The Museum of Mankind, the
British Museum’s .. ethno-
graphical off-spring which
occupies a tucked away palace
in Burlington Gardens,, has a
particularly - strong - spread of
exhibitions at the moment The
impressive Gold pi Asante con-
tinues, with its insights into the
history of one of the most suc-
cessful peoples- ofWest Africa,
and the Indian- influx into Lon-
don's cultural life this rear fc
represented by the creation of
an Indian village, which brings
the subcontinent to. life with
much more force than 'any
number of dancers - and
musicians. Now Tkunder&rd
and Lightning, a room devoted
to Indian life in Northeastern
North America between 1600-
1900, Is open for investigation.'

This small display covers a
vast subject, both in time and
area. The exhibits gathered to-
gether represent the items that,
interested European administra-
tors, sol (tiers and explorers and
may not be typical of the -true
concerns of the peoples; often
the collectors did not document
the goods they .salvaged. - *■ -

The exhibition offers an intro-
ductory taste to the first North
American Indians to have their
lives transformed by European
settlers. They have not retained
the glamour of the Indians of
the Plains, who held off the
white man until- well into the
19th century, but the history of
the League of the Iroquois,
formed by five .tribes in the-16th

century, and the. feud, exacer-
bated by the Europeans desire
for furs, between the Iroquois
•and the Hurons deserve to be
remembered. ;

. There are no startling
artifacts on show,, but numerous
examples of excellent crafts'
•m anshi p, especially in the
cradles for. children, the skin
coats, and "the - moccasins,
which apparently only lasted
two weeks "before being
replaced.

Personal decoration and the
development of the False-Face
cult are covered' as well -as the
importance of wampum— strings
nf shells which transmitted
messages:, white shells in belt
form were a sign of peace,
purple meant war. There is also
a good display of smoking
pipes, employed not so much
for the pleasure of smoking but
to; please the spirits: -Pipes
which were also tomahawks,
made in the 19th century, . often
in England, suggest, .another
side tojndi&n life; but in the
main the vast territory they
roamed over, or farmed, kept'
the tribes in peaceful co-
existence.. There is a rather
scarifying scalp but this" dis-
play concentrates on the .
domestic crafts and transport,
the houses and the religion, of
these likeable Indians. Thunder-
bird was one of their spirits of
the Upper World in control of
fertility and ' rain; Lightning
was the blow he struck to the
spirits of -the Under World. •

Women gathering and threshing wild rice from the' Thunderbird and

Lightning exhibition

Art for the City

Pudding jLane/All Hallow s

. Michael Coveney .

11 T'was in Pudding Lade that
it started, with a lad and i miss/
And the. whole of London’i burn-
ing for the price of a kiss.”
Taking its cue. from the folk-
song, this- cheerful but unin-
spired musical about the .Great
Fire (part of the City of London
Festival) starts -and stoj
sentimental legend,
will be thrilled to kno 1
was from the tower
Hallows that Pepys
diary account of the disaster.

The opening chorus assures
us that, before the fire, London
was lusty, dusty and gay. Pins
co change. . . . And off we go
into the .jolly tale of Jack
Oakley, baker’s assistant, and
his true love Jenny. But Jenny
is also wooed by Lord George
Darfcfield and. .on losing her, he
enlists Jem Flashback and his
gang to saddle: Jack :witik- the
blame -for the holocaust .

The production, by Christopher
Biggins places the - action on 'a
raised square arena in the
middle of the nave and works
hard at combining an-aroma of
Oliver! and Shakespeare's :Easitr
cheap scenes.' The whole thing,
in fact, could be moved without
much loss to one of those Tudor
. steakhouses over-run by buxom
wenches pouring coloured water
into the customers’ laps. '

.-There is a transient charm to
one or two of the songs by
Robert Bowman and- Tony Pole,
hut What lends the evening its
peculiarly gruesome fascination
is the presence of so many
accomplished performers.'
Paddie O’Neil has a fine old time
as the gargantuan hostess, Rose-
mary Ashe sings like an angel
as Jenny, and there is a -fine
double act of Pepys and Sir
John Evelyn from Alan. Leith
and Peter Durkin. * '

Steptoe’s clarinet quintet/Wigmore

Andrew Clements - .

“In support of British hiusic”
was the motto on. the back of
the programme booklet forTues-
day’s Wigmore Hall redial by
the Boehm a nn String Qaartet.
Flying the flag on this occasion
was Roger Steptoe (born 1953)
whose clarinet quintet was re-
ceiving its first performance in
London. Steptoe’s music has
been doing the rounds how for
a number of years; hfca first
string quartet was performed in
1977, and his opera for Char-
terhouse School, The King of
Mocedon was staged two years
ago. Hi s works, proclaimed, the
fulsome programme note, are
“written within what one might
rail the mainstream of European
music today.” - •

This is not the .place to go
into wbax is the mainstream of
European music, but it has
never been the English tradition
— the line of descent through
Bax, Ireland and Bliss — that
Steptoe has taken upon himself
to inherit. If one feels unduly
suspicious of crusades which
bandy about jingoistic phrases
like “British music," this

clarinet quintet affirms all
mistrust. The kind . of neo-
romanticism that- suffuses
Steptoe’s work • has a doying
anonymity, a lack of. distinct
melodic profile, that never
makes a spectacle of itself but
ambles -along in seif-satisfied
insularity. The four movements
play for 26 minutes, and were
expertly played by the Bocb-
matm Quartet and . David
Campbell as an easy, smooth
clarinettist

The Boehm aim’s programme
also included a second, tor more
intriguing novelty, the piano
quartet that William Walton
wrote as a 16-year-old under-
graduate at Christ Church,
Oxford. The, work has individu-
ality stamped on each- of its
movements, though perhaps
the telescoped, sonata form
first is sometimes too elliptical
in its statement^, and - the
scherzo teems with Ideas 'that
hardly have an opportunity to
make their mark. The finale is
extraordinary; one had to keep
reminding oneself that it was
written by a schoolboy in 1919.

Each year about 1,000. trained
and talented painters, print-
makers and sculptors leave Bri-
tain’s art colleges, many hop-
ing to make a living from sell-
ing their work. Tt is an increas-
ingly romantic notion. Commer-
cial outlets are declining, the
major galleries are committed
to their, stables of established
artists, and newcomers are
rarely equipped with the busi-
ness skills needed to break
through.

’Traditionally, new artists have
had to find a job — a teaching
post if they are lucky — relegat-
ing their art to a hobby and
giving the state a poor return
on its investment of up to seven
years training.

The problem occupied Keith
Patrick one evening last winter
as he stood at the window of his
Whitechapel flat contemplating
his -uncertain future as a pain-
ter. and the lights of the City.

He thought of the millions of
square feet of empty office wall
space, the constant stream of
office workers passing them and
the untapped opportunities for
business sponsorship- He con-
ceived City • Arts Project
Patrick’s idea wap to lease or
sell' 'original ' works to offices
throughout the City, providing
promising artists with regular
income and a wide audience.

The concept should appeal to
the Arts Council and the Greater
London Council which have both
been approached for grant aid,
and is in contrast to other
ventures: 'which simply supply
prints or expensive wo* by
household names. “If David
Hockney wanted Us to represent
Aim We .would have to turn him
down,” said Patrick. “We are
dealing with artists who are
going somewhere — not with,
those who have made it’*

' Martin Ldlley. his partner in
the project, described, the sort
dL artist they intend to help.
“They will be in their late 20s
ox early 30s and will have "been
through the educational mill,
possibly. with a master’s degree.
Despite a lack of formal recogni-
tion they will be continuing to
paint, or sculpt or draw, will be
.committed to being artists and
will regard- themselves., as pro-
fessionals. They will have had
some work in mixed exhibitions
and perhaps even, a few one-man .
shows and they will be breaking
new ground.” .

Patrick, aged 30, a former art
teacher, is just finishing a
degree course at Camberwell
School of Arts and Crafts, Lilley,
will be mainly concerned with
the administrative side of the
business.

The project is run with
minimal overheads from studio
D5 in the Metropolitan Wharf,
Wapping Wall (01-481 4259)
and was launched recently at
toe Metro ’82 exhibition of

artists working in the old ware-
house. Wapping, with its 300-
strong artists’ colony and its
convenience for the City, is an
ideal location, although the
partners cast their net wide,
attending all final degree shows
in London and such exhibitions
as the Sto wells Trophy and the
ICA New Contemporaries in
their search for emerging
talent'

“The one thing we are not
short of in this country is
talent,” said Patrick. “Britain
has probably more artists of
international reputation - than
anywhere else. What is lacking
is a visual tradition. In New

John Balding reports
on a scheme to hang,
the walls of City
offices with the works
of promising artists

York offices they instal the
Telex and the IBM and then
say “right guys, what are we
going to put on the walls? ” Our
objective is to generate income
for artists by creating a greater
degree of visual awareness in
companies and corporations to
open up a new market." •
There is a limited amount of
business sponsorship of the
visual arts in Britain hut it
comes mainly from multi-
nationals, Mobil’s backing of
Painters of the American West
at the Mall Galleries, for
instance.

It still lags far. .behind the
considerable investment in tbe
performing arts, despite the per-
manency of pictures and the
realisation of all the usual
benefits of sponsorship — the
boost to company and product
image arid to customer and em-
ployee relations.

City Arts Project clients will
be able to lease a work, with
tax relief, for a weekly fee of
2 per cent of its value on a
six- or 12-month basis. There
is an option to renew the lease,
to lease a new display, or to
purchase. The artist, who con-,
tinues to own the work, receives
half the leasing fee or 75 per
cent of any sales. The pictures
are relatively inexpensive, aver-
aging between £200 and £500,
compared with those of the 400

artists retained by tbe major
galleries whose commission of
at least 40 per cent inflates
prices.

“ Ours is an alternative
system where people can prove
themselves without being one
or the 400, ” said Patrick.
“ Naturally we hope our artists
will eventually be taken up by
the galleries. The value of their
work will appreciate and it will
make room for us to help
others. In investment terms the
works we handle will be good
buys. If I had some cash Td
start buying them. "

The client chooses from
colour slides or a comprehen-
sive portfolio of high-quality
colour photographs showing the
style of each artist “We will
advise on the type of work
appropriate to a particular

setting,” said Lilley. “ We will
know what tbe artist has in
stock and will also know where
to find pieces to meet any

special requirement

“ We have selected 50 artists
to begin with, because we

thought that was tbe number
we would be able to handle,
but obviously we are in touch
with a lot more.” Among the
50 are newcomers such as

Catrionna O’Sullivan, aged 22,
who is still studying at Chelsea,
and experienced artists such as
John Copnalt aged 54, who has
been painting in Spain for the
past 13 years and who is now
teaching at the Central School
of Art. Mario Pubsky, at 39,
is another with international
experience, having worked in
Rome and New York before
coming to London. His work
tended towards the abstract but
is now returning to figurative.
He teaches at the Royal College
of Art.

Wapping-based Ken Oliver,
aged 35, is beginning to make
a considerable impression with
his eight-feet square abstracts.
His many . exhibitions in
England include a recent
appearance in the John Moors
exhibition and a one-man show
at the Moira Kelly gallery,
Islington.

. “We are in touch with archi-
tects, and interior designers and
will work through them with
companies who are moving or
opening new buildings and with
developers — as well as wearing
out shoe leather taking our
portfolio round,” said Lilley.

Saleroom

A bracket clock by Ah a sue ms
Fromanteel, made in London in
the early 1660s. sold for £54,000
at Christie’s yesterday. It is one
of the earliest pendulum docks,
following their invention in

1658. It was boutdit by Asprey,
the London dealer.

Other high prices were the
£23,760 for an ebonised striking
bracket clock by Thomas Tom-
pi on and £19,440 for a similar by
Joseph Katob.

Record Review/A trio of pianists

Ravel; Gaspard de )£ .nuitr
Mussorgsky: Pictures at an
Exhibition. Cdrile Ousset
EMI ASD 4281.

Mozart: Piano concertos in C
major X5G3 and D major
K175. ECO/Perahia. CBS
37267.

Beethoven: Piano sonatas in E
flat op.7 and B fiat op.22.
Murray Perahia. CBS 76995.
Schumann: Camaval. op-9,

Papillons opJ2. Toccata op.7.
Yuri Egorov. EMI ASD 4202.
Whatever neglect the dis-
tinguished French pianist Cecils
Ousset may have; suffered in
England during the past ten
years is decisively remedied
this month: not only is she to
be heard live at Bishopsgate
Hall every lunchtime this week
(a marathon crowned by a per-
formance of the Saint-Saens
concerto at Saturday’s Prom),
but July also sees the release
of her latest record (and her
first for EMI).

It is an auspicious debut. Miss
Ousset’s Gaspard in particular
lives up in every detail to her
memorable concert perfor-
mance: both the faces of
"Ondine” — toe wild-eyed surge
and the magical, sparkling calm
— are caught, and held, with
exhilirating precision. “Le
Gibet" is an exemplary exercise
io inspired economy, made
without any attempt to superim-
pose a further “impressionistic”
layer on toe music: toe true
texture of the notes, calm and
mysterious. “Scarbo” is a tour
de force of fiery lights and char-
coal shadows. Her account of
Mussorgsky’s Pictures, too, com-
bines brilliance with an abso-
lutely uncompromising clarity.
No fast tempi for easy effect:
every scene framed and
coloured exactly, each element

Dominic Gill

to balance. Splendid above all
to hear two such powerful per.
formances in which not a note is
fudged, or a single gesture
faked.

This is the first of Murray
Perahia’s continuing series of
Mozart piano concertos to be
digitally recorded, and the
sound-quality is indeed notably
dean and clear, without a
whisper of tape-hiss — though
the technique can still produce,
to my ears, a curiously unreal
separation of instrumental
strands that is unlike anything
ever experienced in the concert
hall, and sometimes disconcert-
ing. Perahia’s K503 — the Jupiter
of piano concertos — is smoothly
polished to a degree, intelligent,
carefully worked. It lacks only
that sense of spontaneous ex-
citement and adventure which
was so distinctive a mark of
his early playing here ten years
ago. The tone of voice is some-
how too well-practised, too
urbane, to catch the half-lights
and ambiguities between the
notes. It is not either the
grandeur or the jubilance which
is passed over, but the melting
and toe wistfulness that lie
sometimes at their edge: and by
such consistently fresh and
sunny-faced illumination, even
the grandeur is compromised. I
admire this K503 greatly, but I
do not love it much.

On to e face of it, similarly,
there is every ingredient in
Perahia’s performance on his
new Beethoven disc of the E
flat sonata op.7 that the music
should need: lively dramatic
impetus, vivid contrast, muscu-
lar rhythmic sense, lyrical
breadth, and unfailing beauty
of sound. What’s missing, com-
pared with interpretations far

less generous even with those
same ingredients than Perahia, is
less easy to define- An element of
searching, perhaps, under and
through the notes of every bar:
a “ speaking ” quality that is
really only perceived by direct
comparison— beside, for ex-
ample, Schnabel’s account of
op.7, recorded in 1935 and
therefore much inferior of
sound-quality, and indeed far
less “ beautiful ” in nearly every
respect, Perahia’s op.7 seems no
more than a supremely pretty
and graceful sketch .

I heard Yuri Egorov give an
uneasy, fragmented account of
Schumann’s Carnarat at a
recital in Edinburgh nearly a
year ago; but his new record,
made not long afterwards,
belongs to another doss
entirely. Every listener has
his own set of expectations and
perspectives to bring to the
many shifting scenes of this
familiar music: no pianist gets
ereryi fling right (I know of
none who has ever perfectly
captured toe paradoxical, but
quint essentially Schumann-
esque, combination in “ Let ties
dansantes" of presto icpgicris-
simo with toe tendcrest and
most intimate sentiment). But
subjective exigencies apart.
Egorov’s is an unusually re-
warding performance, assured,
adroit, pungent and mercurial,
without being (in the vulgar
sense) the least bit fancy.
There are splendid readings
also, at once gracious and
penetrating, of Populous and
toe Toccata: 1 hope we hear
ail three in London soon. The
recorded sound is clean, close
and slightly plummy — which is
to say, reassuringly more
realistic than Unearthly
Digital.

Ian Hobson/Goldsmiths’ Hall

David Murray

It was muggy enough on Tues-
day to discourage any pianist
(perspiration on tbe ivories is
a hazard insufficiently
remarked). Mr Hobson never
sounded discouraged, but effi-
cient — mostly sensible tempi,
fingers in good working order—
and dull. Best things first: in
three of Rakmaniov’s op 23
Preludes he displayed a genuine
flair for the idiom, despite a ten-
dency to peck at 'big right-hand
chords, and even made the
piano sing a little. If toe rhe-
toric of Liszt’s 12tb Hungarian
Rhapsody emerged clipped by a
stiff upper lip, all the treble
fantastications whizzed and
dazzled; those who don’t demand

a dash of devilment in the piece
will have been delighted.

In three Rakhmaniov tran-
scriptions. which should be com-
fortably within his range, Hob-
son sounded off-colour. The ver^
sions of the Minuet from Bizet’s
L’Aiidsienne music and a Chai-
kovsky Lullaby wanted delicacy
—decoration over-insistent,
tunes under-pointed. The Men-
delssohn Sbexzo from the D ream
must be immaculate; here it was
too fast to be really articulate,
and not articulate enough to
sound excitingly fast There was
a strong sense of virtuoso equip-
ment somehow maladjusted.

That had made itself felt
already in Schumann’s F minor
Sonata. The *' Clara Wieck ”
variation - movement was

The Pity of War/St Mary-le-Bow

Rosalind Carne

Wilfred Owen is surely the
most loved of the First World
War poets for, more than any
other, he could draw his reader
into toe horror of the trenches.
Yet even to bis darkest moments
he never loses a kind of in-
nocence, a sense that such
butchery must end, and that a
finer, purer, world must follow.
His brief life and sadly trun-
cated output provide ideal
material for a lunchtime per-
formance. and Peter Florence
evokes a nice confluence of ter-
rible disillusion and evangelis-
ing fervour in this carefully
edited programme.

He makes good use of the har-
rowing, minutely descriptive
letters borne to Owen’s beloved
mother, indeed, better use than
he does of toe poems them-
selves. The prevailing sense is
one of youth hurled into the
muddy swamps of unbelievable
horror. While the poetry both
pictures and transcends the

carnage, toe prose keeps us on
ground level and this is where
Mr Florence remains. He looks
and sounds very young, just as
the poet would have done as he
signed up for action to 191 5, but
he never quite convinces us of
the genius which flowered on
the battlefield. Nevertheless, it
is a touching treatment, with
unmistakable religions implica-
tions in the cold crypt of this
beautiful Wren church.

When war broke out Owen
was working as a tutor in
France. The news seemed mildly
depressing, a possible interrup-
tion to his future literary
plans. We get a strong impres-
sion of the slightly immature
young man. devoted to Keats,
working out rhyme schemes and
assonance in his first published
poem, “Leaves murmuring by
myriads itr the shimmering
trees.’* His decision to join up
a year later rings with the
enthusiasm of a boys’ school
sports day and as Mr Florence

thoughtfully developed, and ;
even communicated some feel-
ing; but the outer movements
are meant to be full of magical
piano sound, in their old-
fashioned eariy-Romantic way, -
and they made glum listening. \
For long stretches Hobson's ‘
beat was quite mechanical, and
then where some cumulative
power is expected it would be-
come loose and arbitrary. The
charm of all toe passage-work
presupposes an even, liquid
touch, and it was constantly
bumpy. No pianissimo was quiet
enough, no rising phrase bold
enough: a fatally tepid per-
formance. Haydn’s sternly
dramatic C minor Sonata of
1771 was by contrast crisp, tidy
and absolutely cold.

proudly buttons his uniform,
like so many other eager young
men of that time, he appears to
be preparing for a mere game
of soldiers.

The game continues in
Tavistock Square, London, train-
tog for action with a sly scorn
of passing civvies. Returning to
France as an officer, manhood
is thrust upon him fast, but it is
hard to be entirely convinced
by the transformation. Mr
Florence acts the verse as he
speaks, with energy, but tinged
with a lightness that robs it of
force. The narrative thrust of
“The Sentry” and “Dulce Et
Decorum Est" is consequently
more successful than tbe medi-
tative .anguish of “Disabled" or
“Mental Cases."

Yesterday’s occasion was org-
anised as part of the City of
London Festival and the pro-
gramme will be repeated at Bux-
ton Festival Fringe, Bury St
Edmunds and the Edinburgh
Festival Fringe.

THEATRES

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■ Eva* 6.0. Thor

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CHICHESTER FESTIVAL THEATRE. 0243
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K-’wSr&D. ^.o. E SBee^2

Comedy Or .Harold Brlghoute. Directed
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HA YMARKET THEATRE ROYAL. 930

Wh J l5: SS5

CONVERSION By Bernard Shaw.
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HAYMARKET THEATRE ROYAL. 930

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Eves 8.0. Fri & Sat S-45 A SJO. Some
eood seats still available most perfs.
Croup sates 437 6834. 579 6061.

PHOENIX THEATRE iCbarlnp Cross Roadl
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NEW ORLEANS MUSICAL ONE MO'
TIME IS A GOOD. TIME! Group tales
81-379 6061- Rina Teledata 01.288
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K " "9 6566. 'Grow sales' 01-836 396?:
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PICCADILLY. S. Alr-Ccmd. 437. 4506. CC

„. 232*:

Mon-Frt 7J0. Mats Wed 3.0. Sat 5.38
& 8-1 S. Students L3.S0 In advance,
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7 JO. Fri * Sat 5.15 A 8.30. SPECIAL

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QUEEN'S, S CC. 01-734 1186- 439 3849/
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4031. Credit
kxlas 01*2 “
Wed 3 JM,
COUNTRY

rdt 01*930 323

[Y by Juan Mucbeil.

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6081. 24 Hr Instantly confirmed re

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— F U |[ Y jj r

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VICTORIA PALACE. CC 01-930 9232.
01-828 4735*6. Group sales 373

6061, DENIS WATERMAN ANTON
RODdERS. The New Musical WINDY
CITY, based S n the plav The Front
Page. Dirocted by Pftcr Woods. PRE-
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WESTMINSTER. CC 6S4 0283. HANNAH

SSSSn.'S EtBSSVf™

WHITEHALL. 839 6973 6978 A 9S0
6692/7755. ROBERT POWEtL au Philip
Marlowe. LEE MONTAGUE as Raymond
Chandler In PRIVATE. DICK with Ronnie
Lerittm A Elisabeth. Rjchareton. TKfcjrta
§5. 64, ts. £8. 67. £8. StndenM. Sfty
£2A0. Mon-Tbur S pm Fri A Sat 6.15pm
< 4L45om.

Directed by Mlcliael BlakemorC.

*8 anBa»fflr Aiffp - sb.&%

A STAR IS TORN.

YOUNG Vic (Waterloo)- 928 63H. W
7j umJSoba E*ca 7.-301. waiting FOR
GODOT, dir. bv Ran Campbell. From 3
Aug Edward Fox In HAMLET. 3 Bats
£2.30.

F.T. CROSSWORD
PUZZLE No. 4,923

ACROSS

1 Every one to tow could be
fat (6)

4 Material having a body (8)

9 Attack, and I’ve become con-
fused (6)

10 An assortment of Chinese
pottery with fish added (8)

12 Let in lively horse (8)

13 I must get into position for
fish (6)

15 Brink a dram and squabble
(4)

26 Worshipper I cause to
enroll (7)

20 Trapped in a confused mass
of seaweed and died (7)

21 A convict returning in
festivity (4)

25 Forgive American associate
getting on (G)

26 Analgesic contained in case
from the south-east. (8)

28 Little devil with lawful
following that’s signified (8)

29 Harmony from airman with
string accompaniment (6)

30 Muslin the . French put in
checked material (8)

31 Inclined plane taking direc-
tion from aircraft (6)

DOWN

Z Follow the crowd at the.
bade of a vehicle (4-4)

2 Plane in motion has to
manoeuvre into a horizontal
flight path (5.3)

3 Strange native— favoured by
the punter? (4-2)

5 Leave out doctor turning up
with it (4)

6 Boxer or another dog I
I record (8)

? Dried fruit is to be seen in
wet weather (6)

8 American reporters em-
ployed to run errands ? (6)

11 Dressing musicians on time
(7) - ’ .

14 Ohe who is resting on or
under the rails (7)

17 Song m a divided state (8)

18 Carbon-copy having many
features (8)

19 Fragrant plant from 'the
French seller (8) .

22 Race showing Foie on photo-
graph (6)

23 Type of bass should feel
right (6)

24 A portion to apportion (6)’

27 Mail reproduced in capital
(4)

Solution to Puzzle No. 4^22

FINANdALlTMES

BRACMiN HOUSE,; GANNON STREET LONDON EC4P40Y
Tefegrams: Fmandno, London PS4Tetae 8864671 :
Tetephone: 01-2488000 '

Thursday Juiy 15 1982

SOUTH AFRICA’S GOLD MINES

Relief, but the doubts

Mexico’s fall
from grace

By I D. F. Jones in Johannesburg

THE ELECTION of Sr Miguet
de la Madrid a few days ago to
the presidency of Mexico for a
six-year term due to start on
December 1 if a piece of good
news. The character of the
man himself and the way in
which he was chosen must go
some way to relieve the fears
about -the country’s economic
future which have been multi-
plying in the past few months.

Miguel de la Madrid is a man
who has had a good deal of
experience of the world outside
the often claustrophobic and
self-absorbed realm of Mexican
domestic politics. He has lived
and studied in the U.S. and he
must know how his country’s
poysgrful northern neighbour
works better than many of his
political colleagues. He is com-
mitted to tackling the country’s
serious social problems; yet bis
time as a government plannee
has given him a sense of how
far and how fast any Mexican
ruler can go in potting bis
country to rights.

He is pledged to clean up the
coruptkm that is one of the
ugliest and most wasteful
aspects of Mexican public life.
The way in winch he was
elected on July 4 also offers a
glimmer of promise for the poli-
tical future of Mexico. For
more than half a century the
al-powerful Party of the Insti-
tutional Revolution has grown
fat and complacent on the
spoils of power.

Confounded

Zn this year's election the
opposition to the PRI was given
a chance of expressing itself
in a more genuine fashion than
in previous polls. The parties
of the left did not do as well as
expected while the right-wing
Party of National Action polled
more than 3m votes, or 14 per
cent of the total cast, and thus
confounded the pundits who
bad forecast that its support
would wither.

Though the Mexican electoral
process is very far from being
perfect, politics in Mexico are
at last showing signs of a much
needed evolution and a capacity
to reflect what Mexicans want
rather than, as heretofore, what
the PRI thought they should
want

During the presidency of the
present incumbent. President
Josd L6pez Portillo. Mexico has
gone from boom to near bust.
The fierce hopes that Mexico
could exploit its oil wealth so
as to produce sustained growth
rates of 10 per cent a year,
which President Lopez Portillo

entertained in 1976 at the start
of his term, have been dashed
by the world recession and a
contraction in the oil market
Mexico is consequently trying
to deal not just with those
chronic problems of under-
development with which it is
all too familiar but also the
disillusioned tens of millions of
people whose expectations had
been whetted by thoughts of an
oil boom.

Burden

To these headaches Have
been added the trauma of a
foreign debt which has gt
rapidly and unmanageably to
around $73bn as government
and business have mortgaged
their future for immediate cash.
The effort of servicing this debt
burden is clearly taxing the
authorities in Mexico City to
the utmost.

As President Ldpez Portfllo
and his ministers wrestle with
their problems fc the conclud-
ing months of their administra-
tion they have been receiving
much quiet assistance from the
industrialised West Wash
ton and Wall Street in p
colar have been very conscious
that the advent of economic and
financial turmoil to Mexico
would favour no one's interests.
The ILS. administration wants
a southern border that con-
tinues to be peaceful and
bankers want to see a return on
their money with -the fewest
possible complications.

In the testing months ahead
Mexico will be seeking to stave
off its cash flow difficulties. Its
willingness to issue a Euro-
dollar bond at the record in-
terest rate of 18$ per cent this
month shows how much it is
having to pay in order to do so.

As Mexico seeks new money
it is taking measures to restrain
domestic demand, cot growth
rates and allow the peso to sink
to a reasonable parity with the
dollar. There are suggestions
that Mexico may soon .have, to
seek the aid of the International
Monetary Fund and this may in
all the circumstances be the
wisest thing to da Whether it
does or not. Mexico must
dearly pursue a course of
greater financial prudence.
Such a course will demand
much of the outgoing Lopez
Portillo administration in the
last months of the presidential
term. But if a prudent path is.
followed by the present Govern-
ment and continued by the new
one. Mexico will deserve a
measure of understanding from
the international financial com-
munity.

Banks and their
hidden reserves

T HE gold mine called West
Driefontein, 40 miles west
of Johannesburg, has been
having a dramatic few weeks.

First, the gold price pltta-
metted below $300 at the end
of les t month, and there was
alarm in downtown Johannes-
burg.

With that news barely
digested, mine managers were
shaken again when the black
miners in their bachelor com-
pounds at West Driefontein
took exception to a 12 per cent
pay rise — an attempt by the
minin g houses to keep down
their soaring wage costs at a
time of such a weak gold umricgf
— and rioted, leaving four
killed and a thousand workers
dismissed and sent home.

Even before those disturb-
ances . bad . subsided. West
Driefontein was faring the
threat of a strike by its white
miners, along with their
their colleagues in the rest of
the industry, in protest at a 9
per cent pay offer. Only after
the intervention of a senior
Cabinet Minister did the
Chamber of Mines capitulate,
and offer 12 per cent — giving
another sharp twist to the
rising cost of mining .

Then suddenly last week, the
gold price jumped back into the
$340s, and toy last ni g h t had
risen to $349.5 on the London
market. South African head-
lines are full of ecstatic relief,
all the stronger because the
recovery has been unexpected.
Was Maf eking relieved? Could
it be possible that the gold
price had bottomed out. after
so msey months of gloom and
pessimism? • •

Any such hope is undoubtedly
premature, but the recovery
does offer the prospect of a
welcome respite to the likes of
West Driefontein, owned by
Gold Fields of South Africa
(GF5A).

The point about West Drie-
fontein is that it is very rich,
and very big, and its working
costs are among the lowest m
the Republic. It is one of the
duster of jnme s adjoining
CarletonvtHe, named after the
GFSA executive who staked his
career in the 1930s on his con-
viction that the Reef extended
westwards, and downward, from
Johannesburg.

West and East Driefontein,
winch are coupled in the Grid
Fields of South Africa accounts
as Driefontein Consolidated,
together produce more i*vbi
one-amta-half times as much
gold as any other country in the
world, excluding the Soviet
Union — and they mw wily two
mines in a country which pro-
duces about 650 tens a year,
nearly 70 per cent of the free
world total Yet wen here, in
this most-favoured example, the
latest figures illustrate the diffi-
culties of South Africa’s most
important industry: the other
m inin g houses will be announc-
ing their quarterly figures in
the course of this month, and
some of them are going to make
alarming reading; even if the
grid price manages to hrid its
latest revival

Fo r the sake of the visitor
from Mars, the gold price
peaked at $850 in January 1980.
Its descent since then has been

remarkable and scarcely stayed
by the sort of Middle East war
and Sooth Atlantic venture
which once upon a time could
be reEed upon to put the market
in a frenzy. The average price
hi 1981 had come back to S458.
So far this year it has been
averaging $346. On June 21 it
toadied $296.75.

The detail of all this deeply
preoccupies South Africans tar
reasons that unite the (largely
English') mining bouses and the
Afrikaner National Party Gov-
ernment: gold is the engine of
South African prosperity, and
the overwhelmingly largest
source of tax revenue for the
state exchequer.

Some of the troubles that
have been afflicting West Drie-
fontein are probably ended: the
blade riots were large enough
to be significant but they do
not seem to have been inspired
by a more political reason than
that some men were unhappy
about the pay award (when
other bouses such as Anglo
American were proposing to pay
nearer 16 per cent). The white
miners have shown their muscle
and the Government has been
reminded that it needs to con-
tain the drift of white voters
to the sew breakaway and
extreme . right-wing Conserva-
tive Party, which is particularly
strongly hi the Transvaal. But
the otoer problems are not
going to go away so soon,

. In one sentence, the gold
price has plunged, with a range
of national implications, while
mining costs continue to soar:
the silver lining has been the
deliberately .permitted descent
of the Rand.

The mine managers sell their
gold to the Reserve Bank via
the Rand Refinery, at the price
averaging the London afternoon
fixing of delivery day, and that
of the following morning. But
of course, that price is effec-
tively — for them— denominated
not in dollars but in Band. Thas
is why the Reserve Bank’s will-
ingness to allow the Rand to

depreciate has been funda-
mental to the mines’ ability to
cope with the slashing of the
international price of their
product

The figures make the print
very quickly. In West Dtdefon-
tein, one of the best operations,
the latest quarterly figures for
April-June show that at a time
when the revenue price was
falling from $371 to $333. the
mine was getting R358 per
ounce — thanks to the changed
parity — compared with the
previous quarters’ R366. a much
' less difficult handicap for man-
agement than might at first
appear. At the industry wide
level, toe average cost of pro-
ducing an ounce of gold in 1976
was RB4, in 1981 it had risen
to R1T8.

So, if and when grid next
drops through the psychologi-
cal barrier of S300, the South
Africans will Check their
exchange rates before they
despair. The rand is worth
mound 87 U.S. cents, was worth
SL04 on January 1. and $L35
in J anuar y 1981.

Bat of course. West Driefon-
tein is untypical, as this month’s
quarterlies are going to show.
Consider the March quarter
figures of a very weak pro-
ducer ; West Rand Consolidated
achieved only 1.52 grammes per

ton milled compared with West
Driefontein's 14.17, working
costs were running at R17.562
per kilogramme of gold (say,
R546 per ounce). There is no
way the exchange rate can save
West Rand Consolidated, and
last month the owners
announced that Government
assistance was to be withdrawn.
3.400 men were to be laid off.
and it can he assumed that the
mine will die. barring a
dramatic recovery in the grid
price.

West Rand Consolidated and
West Driefontein are two
extremes. Between them, lie
another 32 members of the
Chamber of Mines, suffering
various degrees of anxiety.

The exact caculations are
difficult because " working
costs.” as revealed in this
month’s results, will depend im-
portantly on the inflation factor
and also on the degree to which
capital expenditure has already
been cut back. It is suggested
by the Chamber that 13 mines
are unable to cover costs at
$300 and that half a dozen of
them are taking Government
assistance but toe Band is still
moving down and — the detail
are hot yet dear— capital expen-
diture is being heavily cur-
tailed.

Still, toe mangers have some
cards up their sleeves.

• They can adjust their ore
ratios. Traditionally, they
mine low-grade ore when the
price is high, and vice versa.
This is a text-book statement
which is not necessarily easy to
follow in practice .

• They can defer capital pro-
jects— in 1981 the industry
spent Rl^>n under this head-
ing. Already there have been
some significant cutbacks. For
instance, a R350m new shaft
system at ERFM planned on the
asumrption of a $600 grid price
has been postponed. But some
mines have to go through with
capital spending if they are to
have any sort of future.

• They can look to Pretoria fqpr
" Government astetance " under

MmynSniM’,

toe complex formula adminis-
tered by toe Government min-
ing engineer to help marginal
mines through temporary diffi-
culties.

• They can cut their running
costs— but labour accounts for
one-half of the mines’ costs. The
price of this mouth's settlement,
with both the 450,000 blacks
and the 22,000 whites, has hot
yet shown up in the figures, nor
will it do so until toe third
quarters, when everyone knows
toe inflation factor will be. sub-
stantial. -

Meanwhile GFSA’s latest re-
sults Show a 8^ per cent in-
crease in working costs at East
Driefontein (le. 27.6 per cent
annualised), 4.5 per cent at
West Driefontein, 7.1 per cent
at Doorofontein and so on: con-
siderably faster than toe rate
of inflation.

This is the area where there
is toe greatest concern. South
Africa's inflation, is running at
16-5 per cent. The white miners
have just exacted a 12 per cent
wage increase, which wsb
granted them .for essentially
political reasons. The black
miners have been given 11-12
per cent on the mmimiim rates
by the Chamber
Interestingly, three of -toe six
mining houses. Anglo American,
J.CJ. and Rand Mines, publicly
disagreed with this Chamber
award and have given an aver-
age 16 per cent. The mining
houses agree that in the longer
run black skills and also terms
of employment must be im-
proved so as to take over many
of those 22.000 white jobs
The London fixing would not
loom so large in South Africa if
it simply concerned a group of
toe country’s biggest private
corporations. Nor, even if the
fortunes of the industry were
toe making, and toe unmaking,
of a host of associated industrial
suppliers (the direct spin-off of
toe present problems into Sooth
African secondary industry at
this moment scarcely needs
description).

The vital extra dimension Is

the role the gold price plays In
tiw Republics national ere*
why. This wwfcs at wo terete
the Exchequer, and toe current
account of toe. balance of pay*
meats. Both of these areas are
ndw demonstrating how severely
thfe bttwnationa! • ra*ssk» :Hm
at'lart arrived in South Africa.

In the area of government
expenditure, for example,
ability to finance., the apartheid
system (involving as it does a
major defence budget on top of
the social WflkJncenng costs, at
serrate development In . its
many aspects) is bound, to be
affected bv any weakening In
toe contribution of “tax . red
lease payments.” as they ww
summarised, from the gold
mines. In .1981. these amounted
to neatly 20 pet cent of govern-
ment revenue (excluding hop-
rowings). But in another w*y.
in 1 Z 980-81' the Government
received Rff.fihn (£i ftbn) from
the; industry, tn 1981-82. R2.2bo.
This year only R0,96bn. te fore-
cast

Taming to toe balance . of
payments, the situation . it
{finally dramatic. South Africa
is so far this year running re
annualised deficit m current
account of R6,7bn — which
deserves to be compared .wilft
a surplus of R2.8bn in 1980. The
problem is that the world hesi-
tates to buy South African
e x p o rts (that is. mainly
minerals) while I* is stiff In
recession, whereas South Africa,
where the recessional tradition-
ally arrives late. has continued
to devour imports.

The. willingness of the
authorities to let the Band
depreciate is scarcely yet begin-
ins to hobble those Imports,
while exports RtiH tv fuse to
pick up— notably . gold, of
course, which represents one-
half of tor nation’s export
earnings,

This has happened it a time
when toe gold price hovers just
above $352 at a rand rate of
8*87 TJ.S. cents. But as every
North- Johannesburg dinner
party ip debating— what if this
weeWs recovery above $350 is a
freak? What if. as many expert*
stffl believe, the price is going
to test 300 again. After , all
there are professionals (though
been quiet this week)
wholbelicve that a price of $255*
280 is possible. One of the .con-
races would be that the
would certainly cany on
down..,.

•Sti L at $250 and at whatever
exeh nge rate, a lot more mins*
woul l be facing trouble-, the
detaied analysis depends on
what] the quarterly results later
this inoath are going to show.
The i rider national implications
wouh also become inescapable.

So are sit here in South Africa,
waitt g and watchins — on our
moni or screens or in our even-
ing apers^Hto see what the
work has derided the price of
gold .to be . for the next few
hours) There is nothing we can
do abqut it South Africa is not
of- its own destiny. For
nist state, there may be
appropriate about

a r

a Calvi
something
that

Off Bvaraga mtftn at
Ftrxt Bank. DaHaa. ia 1.17.
atatad w a zabtm on tW«
*y.

IF MERCHANT banks and
other financial institutions are
to enjoy continuing exemption
from the 1948 Companies Act
requirement to show a true
and fair view in their annual
accounts they will have to put
forward a mighty powerful case.
That was the tenor of remarks
made yesterday by Dr Gerard
Vaughan. Minister for Con-
sumer Affairs, on the subject
of a draft EEC directive on
bank accounts. Dr Vaughan
was not enunciating a change
in policy, but he was dropping
a him on the direction of the
Government's thinking. And
that direction is in our view, a
healthy one.

Three arguments are usually
put forward in defence of dis-
guising true profitability
through the maintenance of
bidden reserves. First, it is said
that a failure to smooth profits
would mislead people as to the
underlying profitability of the
business. Then there is toe
assertion that disclosure of the
real results might adversely
affect confidence of both
depositors mid shareholders.
And finally it has been argued
that to prohibit the maintenance
of hidden reserves would put
British banks at a disadvantage
U those foreign banks whose
regulatory authorities adopt a
more relaxed view on disclosure.

Reluctant

The case for smoothing tends
to crumble on the basis of a
cursory examination, of toe hack
pages of this newspaper. Nearly
all the discount houses, winch
are the chief beneficiaries of
exemption along with, toe mer-
chant banks, sport a dividend
yield weE above toe average
yield on toe ail-share index. So,
too, do some of Britain’s most
di sti n gu i sh ed merchant banks,
though not to the same degree.
What that indicates is that the
stock market already takes a
fairly jaundiced view of toe
quality of toeir earnings

The argument about confid-
ence is more important and has
added topicality in the tight of
toe solvency problems that now
gffect toe international banking
system. But it is also somewhat
academic in the narrow context
jf toe British banking system.
The Bank of England has always
been reluctant to allow discount
houses to go to the wall ■

To some extent toe same Is
true of merchant banks. The
status of toe accepting houses
remains beyond question. And
for those who do not enjoy that
status there is unlikely to be
much protection in non-disclo-
sure. In a financial crisis
depositors assess toe credit-
worthiness of banks by refer-
ence to toe degree of support
they can expect from govern-
ments, central banks and share-
holders.

Pressure

On competition between
British and foreign banks, the
debate moves on to more diffi-
cult territory. No one could
claim that toe U.S. banks, which
do disclose true profits, have
suffered as a result But It Is
just conceivable that toe British
clearing banks, which aban-
doned hidden reserves in 1970,
might have been subject to mar-
ginally less pressure from
governments anxiously seeking
to dr um up tax revenue if
profits had been more ruthlessly
disguised. Yet it os surely un-
desirable that toe Government
should make important dedsious
on fiscal policy an the basis of
misleading figures. And toe high
relative profitability of toe
British banks is toe interna-
tional system partly explains
why toe British are reganied as
among the least , suspect in the
present crisis.

The positive case for full dis-
closure is that it makes for more
efficiency and financial discip-
line. The natural tendency of
bankers to measure their per-
formance by increases in loan
volume and balance sheet foot-
ings needs tx> be tempered by a
sharp awareness of risk and
pressure from a well-informed
capital market The paint
applies as much to toe other
grey areas of bank accounting
such as toe treatment of bed
and doubtful debts as to hidden
reserves. J£ provisions against
loans to Roland, Romania and
the rest had been more realistic,
toe plight of these countries
would be less worrying fen it
is today.

The danger to - allowing
bankers to fiddle toe figures is
toat they end op deceiving
themselves as wen as the rest
of us at high cost to their share-
holders and toe community.
Hidden reserves must go.

Men & Matters

Tax return

And how does Sir Robin Ibbs
— now back at Imperial
Chemical Industries after two
years as head of toe Govern-
ment “Think Tank” — feel
about theoutcome of the Com-
mons debate on tax concessions
for certain petrochemical raw
materials?

The tax concessions, that is,
on North Sea gases going to
Id's rivals. Shell, Esso and
British Petroleum, which, have
provoked toe Miilbank giant
into suing toe Government
Perhaps wisely fobs, who
only left Margaret Thatcher’s
side in April and now beads
ICTs external relations, did not
attend the debate haanself. It
ended in the defeat of the Id-
inspired amendment to with-
draw the concessions by 299
votes to 174. And it was hardly
scmtiHating.

Honorable members struggled
torougi highly technical briefs
— and largely settled for an
argument about toe relative
merits of I£I-pr<mded jobs on
Teesside and its competitors*
employment figures in- Scotland.

The most riveting moment
with provided by Ted
Leadbitter, Labour MP for
Hartlepool, who threatened to
speak for an hour unless every-
one kept quiet The did.

Ribs did not seem tsa&dy
surprised by toe vote when I
spoke to him yesterday. Bat
haw come he bad not managed
to swing things KTs way long
before toe issue reached the
Commons’ lobbies? Before,,
indeed, toe fertiliser — another
of his responsibilities — the
fan?

Wtoat about toe friends be
must have made in "Whitehall?

I regard tbds as a technical
dispute end therefore not one
that cuts across friendships in
Whitehall,** he said-;— having
csrefitHy established toat toe
tax concessions question bad
not beat considered by toe
“Think Tank'* while he was
there.

T knew toe Whitehall people
anyway, before I went ” he

added- “After my two years’
secondment, I just knew them
better than I would otherwise
have done.”

Ibbs mused a little: “It’s a
two-edged sword, you know.
They know me better now. The
advantage may be more to them
than to me.”

He paused. “I don't tof-nk
so, of course. But « may.”

Market place

Britain has not provided the
EEC mth many “ institutions ”
—and one of those is about to
disappear with the retirement
after nearly 10 years? service
wife toe Council of Monasters
of Kenneth Christofas.

A former • Foreign
Commonwealth Office diplomat
Christofas has been one of the
top directors-general of the
Council secretariat ever sin ce
Britain joined toe Community
in 1973.

He was deputy head of the
British delegation to Brussels
for four years before that and
his European experience dates
back to the negotiations which
ended in Britain’s refusal to
join the European Coal and
Steel Community in 1951.

Ghristofas’s diminutive, portly
figure has been a familiar
presence at most of the 500 or
so meetings of toe Council
.which have droned on Awin g
has time in Brussels.

He is weti known, too, to toe
erfan crews of toe Friday even-
ing Brussels - London flight
since his was a resolutely
Mbnday-Friday Kf e in the Com-
m unity’s capital.

Browned off

It is a' long time since Lord
George-Brown made a political
splash. Bat he can stiH spread
a few disturbing ripples as he
showed in toe Lords on Tuesday
night

From bis. seat os the. cross-
benches — “ I stay there because
I don’t fike the idea of retiring
to the backbenches "-—George-

Brown. speaking as a 50-year-
member of the transport wor-
kers' union, declared the Tory
Employment Bill “ too weak. , *
it doesn't go far enough.”

He rounded on the Social
Democrat leader, his former
Labour Cabinet colleague Lord
Ay lest one and told him “we in
the SDP ” were shocked that he
was not going to support the
principle of compulsory strike
ballots.

A fully-paid up party mem-
ber, George-Brown told me yes-
terday: “ I like to fernk I was
in the SDP at least three years
before it was formed. But Tm
an independent SDPeer.”

Ayl Rhone's wounds, however,
were nothing to- the scars
George-Brown left on Labour’s
academic peers, . toe Lords
McCarthy and Wedderburn.

Even some Tory lords con-
sidered the former- Foreign
Secretary ruffled the dignity of
the House as he. referred
throughout to Wedderbtrrn,
Cassel Professor of Commercial
Law at the London School of
Economics, as “the noble poly-
technic lecturer." .

On the wall

Michael Way/ who left fee
managing directors seat at
Dyno-Rod after successfully
tinning toe <h*ain-d earring fran-
chise into a multi-million pound
tiErnvrer business, now Snipes to.
show bow to make money ‘when
toe writing is on fee waH. .

In bis pew rote as a consul-
tant he is advising ICC Oil Ser-
vices on toe. creation of a
national franchise operation for
its new miniwater-jet Wasting
system.

The Hydrair unit rlaim* fe be '
unique in toe way it - mixes
water and sand and forces tt
out at low pressure to dean
a variety of surfaces. Unlike
other techniques, mainly in-
volving chemicals or few- sand-
blasting, ft is said to be easier
to operate, and without- toe
technical and ervsgrwanental
disadvantages '. of its : competi-
tors. , . •

Its ability to remove graffiiti.
is a major selling point and
there is certainly plenty of toat
in Beffast where the first
franchise deal has just- been
agreed arid fee local housing
authority has adopted ' toe
system.

Once a UK network is. under-
way toe company will fern its
eyes to the U.S- And perhaps to
a joint venture with Mr Kilroy?

Chatty

living in a stately bonze -does
have disadvantages, . as the
Duchess of Devonshire said at
the Foyle’s lunch — theSOOth of
those literary gatherings— yes-
terday to celebrate her boo 4c,
“The House: A Portrait of
Cbatswurth." . .

W!t h. 175 rooms, 24 bath-
rooms, 53 loos and getting- os
for a mile of corridors, rtfing s
ere always getting lost, fee said.
“I put my bag down once and
could not find it again for three
months.”.

On the other hand, .there are
rewards. She once opened a
drawer, in one of the' remote?
parts of the bouse to find a
Women’s Institute programme
for 1932, « crystal wireless set
and two quite valuable paint-
ings, ■

Having only spent two, days
at school in her life, she con-
fessed fee bated reading books.
So did her* father toe MSfdrd
P&e lord Redesfete. “Tfoe
only book he ever read was one
called White Fang. It; was so
good,, he said, be saw no pbhff
in reading others,** '

Digested

Twn . Soho cockroaches . were
chewing away at a. red .of
cefltrioid which they ' had found
in a Wardour Street dustbin.
“Pm enjoying this.” said 'one
of them. “Me too” replied toe
other. “ But t liked toe book
better." -

Observer

AUTOMATE
OR LIQUIDATE!

I hdtBtefiriwtB. Bufltet ...

fapntad

vfest and accurate u

{^JeaawtfOISnm-r-andoper^S^sa^^^^Kft*

darfeeraus woduc&n
finavety start

SUHWWnSMBOBOis

TfetooottMfi^Kwn®

Financial Times Thursday. July 15 19S2"

ECONOMIC VIEWPOINT

ONCE UPON A TIME it was
useful to look at what was
Going on in. the U.S. as a guide
to what was Mkely to happen
in the UK a few years later.
Nowadays the reverse is often
true. What' happens in Britain
wfl] sooner or later turn 19 in
America as weH. ■

For two whole years. 188W1
and 1981-82, the British money
supply was running well ahead
of the official target. Yet there
were all the signs — good and
bad — ranging, from a high
exchange rate to domestic reces-
sion, of very tight money. Hie
Government eventually toiler-,
a ted a monetary overshoot a nd
left it to the Budget Red Book
to explain away techatorijy
what it was doing and. to show
how the “thrust" of monetary
policy , was unimpaired.

Now a similar phenomenon
has occurred in the U.S, In
1981 and the first hair of 1982
monetary targets have been
observed. But. there ts strong
evidence that the monetary
squeeze as tighter than intended.
Beal interest rates, both short
and long; are' around 8 per cent.
The second dap da the W-ahaped
recession of 1980*82 has lasted
longer and gone deeper than
expected; but inflation has
fallen faster and the doBar has
risen higher. Although an
upturn has probably staffed, ft
looks much milder than the
Administration originally hoped
to see. According to one authori-

A threat to drive off
the cliff unless the
politicians step back

tative estimate, the rise in toe
dollar will reduce U.Sw real
GDP by per cent below what
it would otherwise be in 1983.

A key piece of evidence is
that total cash spending,
measured by Money GDP, is
rising at e snail's pace. Accord-
ing to the OECD, its rise in
1982 will be only 4} per cent —
only a little more' than toe long-
term real growth rate of toe
U.S. economy. It is expected
to recover in 1983, but this
remains problematic.. More
physical signs of unintention-
ally tight monetary poticy are
t n be found in toe slump in -con-
struction and in toe “ non-per-
forming” assets' which banks

signals from the Fed

By Samuel Brittan

US, MONEY GROWTH (Ml)

MMoariy AdjurtwfcM] fa bofoadM CorrMKy and afl Ctwocaute Dvporita at Dqpoatloiy KnUtnOm

asom-ojf iiam j j a. s o n o
_19»fr » -• 1981 1982 >

-■ j ■ ■ V. SOURCES FEDERAL RESERVE I

have on their iwnds.

_ Indeed, the signs toat not afl;
TIS. banks are exactly in toe
pink of condition have prob-
ably had more Impact on the
Fed’s got reactions than . aU the
other economic tadkartbrsput
toget her. The Fed’s “special
responsibility for toe -banking
system is helping to tHt ' the -
balance towards relaxation. :

We still do not know what
happened at last week’s meeting
of the Federal- Reserve Open
Market Committee ; but money
market movements suggest that
a very hmited earing has
already begun. More clues will
come next Tuesday when Mr
Paul Volcker, the Fed chair-
man, appears before a Congres-
sional committee, to state mone-
tary objectives for the
remainder of this year and
provisional ones for 1983.

There is also a political con-
sideration. The Fed has been
deliberately erring on the tight
ride in. its monetary policy
because of alarm at the pros-
pects for the Budget deficit. It
has wanted i» demonstrate that
it wfli not bail out Congress
and the Administration, from
'the effects of their fiscal
irresponstoHity. It has hot
merely used tight money to off-
set fiscal laxity, but to more
than offset it In other words.
It has produced a monetary-
fiscal mix different' from what .
it re&ly considered optimal, as
an incentive to the politicians

to mend their ways. One British
observer, has likened it to a
game of “chiefcen" 'ii3 which the
Fed threatens to drive off toe
cliff unless toe politicians step
back first

For the time being, this game
is over. . The Congressional
resolution calling for a $104bn
deficit in fiscal 1982-83 is based
On an over-optimistic growth
assessment.

Even toe Congressional
Budget Office's • estimate of
)130bn is based on outdated
economic . . projections. An
authoritative New York recalcu-
lation based on the consensus
of current economic forecasts,
and incorporating detailed item
by-item analysis, suggests an
outcome around $160bn to
?170bn. If one adds “off-Budget”
expenditures of around $20bn,
total Federal borrowing would
be not all that far short of
$200bn. All the. same, there is
little more pressure that the
Fed can exert -on Congress
before the November election.

It would be surprising if Mr
Volcker announced an abandon-
ment or upward revision of the
1982 target growth range for Ml
(currency plus all checkable
deposits} of' 2} to 5} per cent
Bnt he is likely to express
studied unconcern about any
temporary bulge in Hie money
supply this month due to the
pattern of social security pay-
ments, just as be rode over

Gratitm Lmnr

earlier bulges. He may also
hint that a breach of the 51 per
.cent line may be tolerable for
longer in some cfrcumstances.

For instance, the whole of this
year's growth in Ml appears to
have come from the sbift of
small savings deposits, which
are not included in Ml into
NOW accounts (negotiable
orders of withdrawal) which
are. These and other changes
mean that toe velocity is grow-
ing by very much less than the
3-4 per cent average on which
the monetary target is based.

Some U.S. economic advisers
who belong to toe ‘technical''
or “narrow" monetarist school
go out of their way to down-
grade toe importance of institu-
tional change by saying that toe
velocity has been more stable
in recent years than in the
1950s when toe pace of finan-
cial Innovation was much less.
But having learned from Milton
Friedman that facts do not
speak for themselves without a
theory. 2 will not be satisfied
with such statistical studies
until the technical monetarists
explain - why institutional
changes (some of them pro-
duced by the Fed's efforts to
control monetary growth) do
not matter.

It is anyone’s guess whether
toe new signals from the. Fed
will lead to an enduring down-
ward shift in interest rates, or
whether they wll boomerang

and lead to a perverse interest-
rate rise because people will
think that the Fed is giving up
in the battle against inflation.
The factor to turn The scales
towards lower rates may well
be toe more critical altitude of.
U.S. banks to borrowers which
should reduce the effective
demand for loans, following
toe discovery of the recent
crop of bad debts.

On this side of the Atlantic
it can be taken for granted that
any tendency for the dollar to
.weaken, associated with lower
interest rates, will be taken as
a signal to cut interest rates
further. In toe case of Britain,
a distinction should be made
between , cuts in interest rates
required to prevent the trade-
weighted sterling average from
rising above the 88-92 range of
recent months and further
reductions which might involve
toe risk of sterling falling
below that band. The former
change would be. regarded as
pan of the present policy. The
latter would be seen as a more
substantial change.

Last week, I suggested that
with real growth in Britain
less than expected, but inflation
also down, money GDP was
growing by about 2 per cent
less than the 10 per cent
Implied by toe official Medium
Term Financial Strategy. I
therefore proposed a £5bn
stimulus (about 2 per cent of
GDP) with a preference for
VAT cuts (or. as a second best,
an abolition of toe employers’
national insurance surcharge)
over interest rate reductions
because of toe superior effect
of indirect tax reductions on
wage costs and profit margins.

« The official view is that the
shortfall in Money GDP is more
like 1 per cent than 2 per cent
and that ' major fiscal changes
in toe strategy should not be
contemplated until U.S., and
world developments are clearer
— which means waiting until
after Jibe Parliamentary recess
and the early November eco-
nomic forecasts.

In toe meanwhile, interest
rate reductions are preferred if
there is need for earlier relax-
ation. Mention in this column
of a " moving 88-92 target
range” for toe effective
sterling exchange rate is not
liked either in Whitehall or in
Threadneedle Street .perhaps
because readers there do not
notice the word ” moving.' 7 The
authorised interpretation is:

“We watch all the indicators
and take a view." But it is con-
ceded that with world inflation
and commodity prices so much
lower, the view might move in
the direction of tolerating an
exchange rate a shade below
the prevailing range.

(The Bank of England end of
'■ the authorities ” has. from the
start of floating, been more
worried about unseemly speed
of movement than the actual
level of the exchange rale.)

Nobody is going to repeat the
error of 1976 and attempt 10
knock sterling deliberately, it
is more a matter of taking a

The recent crop of
bad debts may
turn the scales

slight risk on the downward
side in interest rare decisions.
Moreover, if such a move is
decided, British policymakers
will try to minimise the ex-
change rate risks by acting in
concert with other European
countries in particular
Germ spy.

Leaving aside my own prefer-
ences for fiscal action, there is
not an enormous amount lo
object to in whai is either being
done or envisaged on either
side of the Atlantic, except an
a 11 -import ant lack oF coherence.
True* coherence is nut mere
public relations. It is a mutter
of making clear the policy'
regime in operation and creat-
ing a stable climate of expecta-
tions about likely official
reactions to events in the mind
of market participants — all the
way from trade union leaders
lo foreign currency, specu-
lators.

My own suggestions have
been a stress on Money GDP as
a goal of policy — which
would leave a good deal of dis-
cretion to the monetary tech-
nicians on how to deliver the
goal — and an allowance for
fluctuating international

demand for different currencies
in deciding intermediate objec-
tives such as monetary targets.
There may be other ways of
introducing coherence; but the
state of the world economy is
not a good advertisement for
what my . colleague Lex calls
steering by “toe seat of top
people’s pants.'’

Lombard

Civil Service
pay— the facts

By Philip B ssett

THE GOVERNMENT is now
srudying the two-volume, 330-
page report of the Megaw
inquiry’ into the pay of Britain's
530,000 white-collar civil
servants. After 12 months of
deliberation, examining 250
separate pieces of evidence, the
inquiry has come up with a
sophisticated new system for
determining Civil Sen-ice pay
which will reflect more closely
both market forces and manage-
ment needs.

The Megaw proposals are
designed to replace the old com-
parability-based Pay Research
system, which has been used to
fix Cull Service pay since 195B.
Hidden away in the report — and
virtually ignored by the inquiry
— are some figures, though,
which prompt the question: why
replace it at all?

One of the central tenets or
the report of the Priestley royal
commission which set up the
old Pay Research system was
Ihe need to keep Civil Service
pay out of politics. Successive
governments have never been
able to do this — partly because
of lhe sheer cost of Civil Service
pay (currently running at
£4.5bn) and partly because of
its exhonaiory. value as an
example to other bargaining
groups. The present UK Gov-
ernment's approach . was no
different.

Politically, comparability is
anathema lo ihe Prime Minister.
Once the Clegg comparability
j commission had gone, the aboli-
tion of the Pay Research system
I could not be fur behind.

Antipathy

technical grounds." This is
polite Whitehall language for
what even some in the Treasury
now privately admit was an
attempt to fiddle the facts.

The Megaw report, in its
weighty statistical appendices,
contains two studies which put
the real position. The fact that
the studies’ principal authors —
Professor Richard Layard of the
L5E and Mr R. F. Elliott of
Aberdeen University — are no
friends of the Pay Research
system only reinforces their
arguments.

Both studies conclude there
was ill lie perceptible relative
change in Civil Service pay
between Pricstiey m 1956 and
197U. From 1970-19SQ. Layard
concludes the Civil Service was
t per cent in front, and Elliott
1 per cent — but both acknow-
ledge a calculated margin of
error of 2 per cent on either
stde of ihese figures. Indeed, in
I9SI ihey agree there was prob-
ably a relative decline in Civil
Service pay.

Even Megaw argues that the
Treasury's paper was based on
a distorted statistical sample; if
account is taken of this, then
the Treasury's 5 per cent lead
figure “disappears."

The thrust of the Govern-
ment's antipathy towards the
Pay Research system was that it
had ** lost credibility " in the
eyes of the Civil Service and
the public because In practice
it had not worked well in recent
years.

To support this bald political
drive, the Treasury submitted
to the Megaw inquiry a paper,
on Civil Service pay trends
which suggested civil servants’
pay now is 5 per cent better
than the pay of the private
sector, compared to their rela-
tive positions In 1970.

Even the Megaw report notes
that ‘‘it attracted considerable
criticism for its choke of
material, for its methods of
analysis, and on more specific

In step

Fated with all this. Megaw
concludes that “ movements in
overall civil service earning*
appear to be very broadly in
step with movements in private
sector earnings in (he period
1956-1981 " — but then goes on'
completely to ignore this cru-
cial conclusion.

In other words, the despised
Pay Research system actually
did the job it was supposed to
do: • keep Civil Sendee pay
broadly in line with pay out-
side the Service. The 41 damage
to its credibility" and loss of
confidence alleged by the Gov-
ernment is shown for what it
actually was: backbench politi-
cal gut feeling, and ill-informed
Fleet Street editorial attacks.

A government, tike any man-
agement, has every right to
manage — for a government,
to take a political decision on
an issue within its managerial
control. But if governments
manipulate the facts to justify
a political decision, it is only
• right that, as in this case, they
are found out.

Letters to the Editor

SSAP 16 voting disclosure

By any other name

.• 3 s -

From th« Secretory, the
Institute of Chartered
Accountants in England and
Wales

Sir, — I refer to Mr Baynes*
letter in today's issue (July 13)
questioning the disclosure by
toe 1CAEW of votes cast in any
poll of members before the poll
is dosed.

May I make it dear that this
matter was formally considered
by the council at its April 1978
meeting. The council decided
that in any fature poll of
members the total number of
votes cast and toe pattern of
voting should be made available
to any inquirer on a daily basis.

This decision was toe subject

The rebels
hit back

From Mr P. R. W. V/ flyman

Sir,— Bill Bluff (chairman of
British Metal Bashers and
Arthur Fudge's boss) told me,
after reading ** The rebels bit
back” (July 10), “Arthur was
very loyal to the board. Far
from there being no questions
asked when toe CCA statement
was put to the board for.
approval, there were howls of
protest. The directors are very
touchy about where their
duties begin and end. They
regard decisions, about how
financial gains should be dealt

with as their prerogative. They
think that the gams/losses
partially covered by the so-
called Monetary Working Capi-
tal Adjustment and the Gearing
Adjustment are matters to be
decided by toe board and not
according to a formula.

44 And. by the way, he
added, " I am always suspicious
of adjustments in accounts.
Either you don't know what is
being hidden from whom or
the chap who prepared toe
statement couldn’t be bothered
to find an accurate description
to attach In the figures.

F. R. w. Whyman.

AVer House,

Chtspcl AUcrton.

Axbridge, Somerset

Blinkered

perception

"SfV SSTcCA rebels
(Feature. July 10) really have
much in common with tne
imaginary Arthur Trig*

Finance Director °f British
Metal Bashers, find David BacK
wood, a -sole practitioner, then
ihiiip victory would
disastrous both for t * ie | | u ”L re f jJ

the profession as well as f

British industry. h

Fudge is clearly out o£taucn
with recent developments, we
iff J5.W of Kggr-j
lfa&im before so presumably

of a press release on April 21
1978 and was duly published
in toe professional press in toe
weeks following.

The practice was implemented
with regard to special meetings
in 1979. 1980, 1981 and 1982.

It shoukfbe appreciated that
toe institute does not volunteer
this information, it merely
responds to inquiries.. In rela-
tion to those earlier meetings,
there were' few if any press
inquiries, particularly from toe
national press.

J. P. Hough.

FO Box 433,

Chartered Accountants' HoB,
Moorpete Place, EC2,

he is ignorant of ED. 18 etc. I
wonder what he was doing on
July 6 1977. '

As for Backwood. his state-
ment that “I haven't got the
time ... to learn how to do
accounts all over again ” neatly
encapsulates his blinkered Out-
look. Perhaps he should retire
or recruit a recently qualified
CA who will certainly, b'e con-
versant with • Current Cost
Accounts.

I cannot help but Wonder how
Backwood will rope with
leasing and other new changes
in the pipeline. Thank goodness
the ICA has set up an Advisory
Service. Backwood seems
destined to make considerable
use of it.

E. R. Turton.

31 Fens Way. Hextable, Kent

Back to the
Gold Standard

From Mr Douglas Mackajr

Sir.— I note toe comments in
Mr Collins letter published to-
day (July 5) but remain unre-
pentant We need to go back
on to the gold standard because
gold is toe best and most ob-
vious base and has worked in
the past.

People the world over believe
in gold, from French peasants
to buyers of Krugerrands .to
buyers of gold jewellery as an
investment.

The workings are capable of
being understood by laymen and
difficult for an intrusive official-
dom to machinate.

It is feasible- for Great .Britain
to adopt toe gold standard
quickly and unilaterally, within
the timespan I suggested origin-
ally. by January 1985. the start
of toe second half of this de-
cade.

I hope this approach will not
degenerate into a mere debate.
I invite you . and. your dis-
tinguished economic correspon-
dents Samuel Brittan. Anthony
Harris. Max Wilkinson (and
Michael Dixon whose lateral
thinking prompted this ap-
proach) to put their heads

*t~ ■ > -

From Mr D. J. Fenn
Sir,— CCA, CPP and SSAP are
abbreviations for Confused
Chartered Accountants, Clever
Professional People and Steer,
Simpleton's Assets to Partners
and cause controversy every
four years like the World Cup
and toe Olympic Games.

I recaU that m 1978 that there
' was criticism of Nationalised
Energy Industry accounting
through your columns culminat-
ing in a Select Committee report
which stated that the effect of
British Gas, using supple-
mentary depreciation to take
account of inflation in 1976-77,
was to reduce its reported Net
Profits by 76.5 per cent It would
be most interesting to know hy
how much toe latest Net Profit

together on an action plan for a
campaign that will gain the sup-,
port of this government, which
was elected on a platform of
defeating inflation.

J. C. D. Mackay,

SI. Baynam Road,

Se*^'~' n "ks. Kent.

Slide into
anarchy

From Sir Frank Price
Sir, — I would like to' add my
support to Sir Hector Laing’s
letter of July 5. .For some years
now I have used every appro-
priate occasion to underline toe
fears I have that We are ignor-
ing at our peril toe very real
dangers that now exist to our
system of government
The fragility of the fabric of
our society is such that it
needs to be carefully and con-
stantly surveyed and imme-
diately strengthened when
weaknesses -appear. Tens of
thousands of unemployed young
people provide a fertile seed
bed for those whose long term
aims are to. demolish -our way
of life and to replace it with a
system which, will not be
toppled easily. That too many
people at the top appear to be
failing to grasp this simple fact
is both astonishing and fright-
ening. To read a letter from a
leader of industry who has
taken cognisance of this pro-
vides a glimmer of hope. I
trust that it will be picked up
by his colleagues and those who
have toe power to halt the
present slide,

Frank Price.

Trafalgar Bouse, - - - -
Paradise Circus,

Oueenstrag,

Birmingham.

RealpoUtik

in Lebanon

From Mr Stephen Block.

Sir, — Doubtless . your
editorial's tentative examination
of Israel's invasion pf the

has been reduced.

It is freely, admitted that toe
accountancy profession; give un-
qualified Audit Reports to
organisations whose accounts
are not prepared on ad historic
basis so how can like be com-
pared with like.

By all means let inflation be
taken account of but only as
notes to historic figures so that
discerning shareholders, in-
vestors and toe simpletons can
see toe effect of the differentials
produced by comparison.

Not many people praise the
Inland Revenue but at least they
are not taken in by the gobble-
dygook.

D. J. Fenn.
fi Cole Park Road,

Twickenham , Middlesex

Lebanon ("war is not a path
to peace”), enables you to feel
that a fine sense of balance is
struck.

Thus “ horrifying * civilian
casualties would, incredibly, be
a price worth paying if only it
was “plausible” in terms of
“ realpolitik.”

Again toe “ decapitation ” of
toe PLO ( albeit under toe rela-
tively moderate leadership of
Yassir Arafat) is only implaus-
ible because apparently there
are too many Palestinians.

What are objective people to
think of this type of comment?
Is there to be no analysis of
the gratuitous Woodshed in
the Lebanon other than that of
political expediency or oppor-
tunism to the best advantage of
Israel? It is mot hard to imagine
what toe reactions of shock and
horror would be if an Arab
country had invaded Israel and
perpetrated similar outrages
upon toe Israelis. So why .toe
double standard? It must be
about time the media took a
deep breath and stop patron
ing its readers.

Stephen Block-
25 Oakhilt Road, SW1S.

A matter
of style

From Mr W. L. Kent

$ir,-rSome style themselves
PLC and others pic.

Surely there is a case for
standarisation in favour of PLC.
So far as I am aware no organi-
sation ever put co ltd after its
name, so why go for pic? Surely
it can only be a sad case of in-
feriority complex because it cer-
tainly isn’t humility. Maybe its
because they resent toe eecl
W. L. Kent

S, Dudlow Green Road,

Appleton, Warrington

}

\

■ ■

. . - - t .v****° • ' ^

Icxoi

tor

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Companies and Markets

Financial Times Tburedaj Juft 15 198?

UK COMPANY NEWS

Exceptional
credit lifts
Graig profit
over £2.7m

AN EXCEPTIONAL credit of -
ft. 33m boosted taxable profits
of the Graig Shipping Company
to £2.74m for the year to March
31, 1982, compared with £933,000
last time.

The credit comprised f 1.44m
exchange profits and write-down
of listed investments of £104.000.
Interim results were well ahead I

Trom £651^224 to £2.011X1, includ- I
ing exchange profits of £1.14m. 1
The dividend total is siepped- r
up from 25p to 30p with a final !
of 20p (15p>. Earnings per El ■
share are shown to hove risen to i
376.58p, against 241.22p. j

• comment |

Fnr the time being Graig :
Shipping might be more aptly !
named “ Graig Investment" The j
£1.334rn exceptional credit came ■
as a result of selling the m/v •

#- . ¥
*7 „ f

.. .. ■*

. .. .•/ iWK *:* ..*»

i'A*. s.

* ■

Sainsbury and BHS Scottish expansion

A new SavaCentre hypermarket scheduled to
open in Scotland towards the end of 1984

Garthenwvdd for SIS 5in wl.en i n»«*an s that J. Sainsburj will start trading north
the dollar sterling rate was I of the border for the first lime. Agreement
$2,325, and taking a handsome ■ was signed yesterday between SaiaOnLre. a
profit when the rate had fallen Joint company set up in 1975 between British
to 83.064, Of the remaining £1.4 in Home Stores and Sainsbury to operate byprr-
profils, all and then some ceems ; markets throughout the UK. and Giihert Ash
to have come from investing a Estates (a Bov is company) for the building of
S20m portfolio in the inier- a new hypermarket two miles from Edinburgh
national money markets. On- city centre. Pictured are Mr Robert Heatley
shore oil exploration costs were (leftt. chairman of Gilbert Ash and Mr David
up sevenfold at about i’225,000. Sainsbury. finance director of J. Sainsbury
and with drilling set to begin and deputy chairman of SavaCentre. The new

ICC Oil
Services
hits target
of £0.3m

THE HULL-BASED ship and oil
rig cleaning contractor. ICC Oil
Services, has turned in pre-tax
profits of £307,000 for the year
ended March 31 1982, which is
in line with the forecast of not
! less than £300.000 made in June
at the time of the compimy's
entry to the unlisted securities
market. The previous year’s tax-
able surplus was £209,000.

The current year’s prospects
j are bright, with Mr R. Smith,
the chairman, confident that the
company will achieve a signlfl-
* cant increase in .turnover and
profits in the period. Turnover
for the 1981-82 year rose by
f0.4m to £2.2m.

Mr Smith says the board is
! encouraged by the initial results
i of the first three months of the
! current year. These show a sub-
I stantial increase in turnover
I compared with the rorrespond-
I ing period of last year and are

Cable and Wireless well
over forecast at £97m

before the end nf 1982. the figure i store, with a retail sales area of some 7U.U00
is J ikely tn around I S q will form the major unit in the £I5ra

thL year is likely tn be around I
£800.000. Net asset value is !
about £22 per share, and with the [
shares at £24 unchanged, lhai is i
neither exciting Tor a shipping ]
stock and positively discouraging 1
ar an investment stock. Mean-
while the sharps yield under 2
per cent, and ibere is no longer
the speculative interest of duff
Oils former S per cent stake. But
Grain's aim is still tn use its I

Cameron Toll Shopping Centre being built j stantial increase m turnover
i»o miles south of the city. It is thought to he I compared with the correspond-
the nearest store or this type »o any city centre I ing period of last vear and are
in the UK. Sir John Sainsbury. chairman of l mainly because of additional oa-
Sainsbiiry. described the agreement as ‘ great ] sh ” r * SgvESd ’ 0 f 0 01 d

■ 3c said his.sr.up bad long l.okrd ; A ,“™ m "^iM d SSmm.° 0 diS
forward to trading in Scotland and there ; P" the year. The board had
could hardly be a better starting point than : prev j ous iy stated its intention to
such a prime position in Edinburgh. Mr Boy ■ surt dividend payments as soon
Burgess, the BHS managing director, said in j ^ practicable. It explains, how-
less than seven years SavaCentre had opened j ever, that in considering the
dvr highly successful siurcs »d <k la** g? £53, *3

move "reflects both the importance wc attach eliminating the deficiency on the

to. and the great confidence we have in, Sava- revenue reserves of the com-
Centre hypermarkets." Pany. arising from the old busi-

M & G Dual
forecasts
at least 21. 5p

GEI order books up by
21%-prospects better

vear's distribution, regard has
been had to the necessity of
eliminating the deficiency on the
revenue reserves of the com-
pany. arising from the old busi-
ness of Rollo Tea Estates of
Ceylon.

' At the interim stage, the com-
pany reported a rise Of £49,085
to £165,491 in pre-tax profits.

• comment

SHARPLY .HIGHER profits gran
were forecast in the offer for
sale document were returned bj
Cable and Wireless for the year
to March 31 1982. The dividend
is also above predictions.

At the pre-tax level figures for
the second six months bounded
from last time's £34- 8m to
£52. 08m and lifted the full year
outturn to £97.68m. compared
with £62.05 m previously. The
prospectus foreshadowed profits
of not less than £84m.

Stated earnings per 50p share
rose by 5J25p to 20.2 lp and a
final dividend of 4p. against a
forecast of 3.7p. raises the net
total to 6,6p — the second interfen
dividend of l.3p was paid to the
Government.

Full year t ur no v er of the
group, which was granted a Stock
Exchange listing for 270m
ordinary shares in November
last year, advanced from
£2 92.99m to £354. 64m and trading
profits came through £18 -52m
ahead at £70.47m.

The taxable surplus included a
£4.1m higher contribution from
associates at £7. 99m and interest
received and other income
sharply ahead at £22.47m, com-
pared with £10 .04m. Interest
payable declined from £3 -83m to
£3-28m.

dividends announced .

Date Corre- TVrtal TWal
Current • . of snondfeie for
payment payment

- r-»

Bromsgrove .Casting 1.5

H. P. Bulmer 6.72

Cable and Wireless 4

Daejan 2J53

Graig Shipping 20

General Cons. Inv. ... int 2.4
Hampton Gold ....: 2235

ICC Oil 0.01

H&GDnal tat 9.4

Nov 4

Sept 3
Sept 11
Aug 9
Oct 1

div.

year

year

IS

225.

235. .

4.06

12.6

9BS/

6.6

—

2.63

4.75

3.85

15- •

30.

.25

2.25

_

6.4

L75

3

-

«_

V

— ••

9.05

— i

21.15

Dmdenas shown pence per snare ner except -wnere uuici

* Equivalent "after allowing for scrip' issup. f On capital
increased by rights and/or acquisition Issues. tUSM Stock.
5 Final of at least 12.1p forecast ...

Tax paid, however. Jumped to
£37 .48m (£23 -06m.) and minorities,
accounted for 10.93m, against
£336,000. There were extra-
ordinary .credits this time of
£56.45m. a tunmnnd from
previous debits of £68m.

These represent the profit
arising to the group- from sales
of assets in Bahrain and shares
in Hong Kong. The previous
year's figures represent the tax
liability for balancing . charges
arising from the restructuring -of
Bahrain and Hong Kong.

It is pointed out that the
pretax increase over the fore-
cast figure was principally due
to interest receipts and to the
conversion of foreign currency
monetary "assets and liabilities
into sterling on the balance
sheet date. -

The group's resources
increased from the .proceeds- of
asset and share sales m Bahrain
and Hong Kong — substantial
funds are required for tax pay-
ments due on Januaiy 1, 1983.

See Lex

Hanson Trust offer for UGI

per cent, and there is no longer *11 JJ ORDER BOOKS at GEI loternu- depressed and short time work- ICC was on target with the 50

the speculative interest of UufT Xn j nlor i m dividend r Uonal at March 31. 19S2. were inc operated almost throughout per cent pre-tax advance fore-

utls former s per cent stake. But fl r9 4 nnct acairvd 9 Hap. is being J at their highest level sir.ee 19S0 the year. The export activities, cast at the time of the placing
mnn'e 55 rn'-n tank Inin Mnnin^ ! aid hi G W Trust tor ■ 21 per cent h.gher than a howler, continued to be ex- a year ago. and a 50 per rent

mnne\ to h n back irtn shippim. : „jx" mianitis to June 30. The j year earlier, says Mr Thomas tended and with a continuation increase in. turnover in the first

Julv U

PricB

.- %

+ or—

Binco B.IImo

?00

—4 -

Bjnco Central

Banco E»i«nor

212

-.1

Banio HiiDaoq . .

. ... 281

Banco l"d Cat. ..

. . 107

Banco Santjnd«r . .

286

'+3

Banco 'JrtjU'io

1*59

— 2

Banco Vizcaya

. . . 31?

Banco ZataQoza . .

. . 223

0>aqadt>i

100

+5

Eipanol* Zinc

64

faesa

54 5

+ 03

Gal. P'«c>ado<i ... .

Hidrola

. . .. 56

+ 0.3

iberdueio

+0.2

Peirtjieos

. . 73

-*•2.8

PetioMwr

5 50

Telefonica

+ 18

Union Sect

. 54.2

+ 0.2

tax of ££12 616 < £223.269 1. i tax prohls 3lieau from :r. improving utarhei snare paruuu-

inpi value «>f capital shares, i £3.4Sm. Tin's result - reifecied larly overseas steel stampings , deads is good. But the key

ha-eri no ihe mana-'crs' middle 2 strong second half, with profits anticipates improving current ’ interest in the next few months

“il 1 Of M & G General »P 24 per cent, off setting a first year sales and profits. will be in two areas. Firstly

Trus? d Fund Income units on I half downturn of 52 per cent. _ In Packaging Machinery the I s * “ 8

Trust.. Eupd. Income units
June 30 1982 was 468 43p.

BATLEYS

null uunmwili vi — — K*- ‘ hi * uii»t 6 iii, kiiv [ . -«

Turnover in iySl-82 amounted penetration uf Auto Wrappers private companies; one worth

to £54.7m t £55 .32m). Including imo the U.S. market has been around £lm is itt ” a 3 or

exports of £$.$3m i£9.3Smi. The slow but positive signs now pre- petitor . *n nyarojetting, and the

exports went to Africa 24 ner vail. The company enters the ^ ier » 111 «**

c-ent. Americas 21 per rent. Asia current year with an improved j,® ie

franchise business with its mini

— ‘till. .Ulicindj -i (/ri nui. .-miu iuh-ul ,'voi n;\n uu 1 1 li ,, •

Due to an agency error. 2 per cent. Australasia 4 per order book and the directors deals, becondiy tne group is

attributable profits at Baileys of cent. Europe 47 per cent and foresee another good year of ! [ 101 J with TtV mini

Yorkshire at £I.16m for (he year Middle East 2 per cent. sales and profit. S

to May 1 19S2 were incorrectly The chairman says that -for Elsewhere. Ayers & Grimshaw “"** b V‘ 1

staled in yesterday's edition as U s but not for everyone m the had an order book 40 per cent ™ ai nten* an ce ren tracts ^will con-

■ncluding an extraordinary- credit engineering sector trading condi- greater than last year while t ?nie ^ rS be the m^fnVtav ^ndThe

of £77.000. The credit related to lions and profits are gelling
last year's attributable profits of better. "

Elsewhere Avers & Grimshaw unit for cleaniQ S buildings. How-
hSS/w- jft «I? «nr ever the offshore rig and tanker
^ er .5 e ,?i maintenance contracts wiil con-
j,reater trim last year while »inup tn bn tho mainctav mH thp

Ttu s notf:eap0*j.'j a-; *mliercfP?-:r:d

MANCHESTER EXCHANGE
TRUST LIMITED

in association with

PHILLIPS & DREW

Members of The Stock E'fhar.ge

have placed £5 million of the
undermentioned Bonds with
Corporate and Institutional
clients

eii£inerrni£ aei-tui cviiui* yreaier man usi year winie tinue to be thp mainstav and the

lions and profits are getting Europack has outstanding order “KnlEl markS here i^
better.*' demand well up on last year and JJ*”"* 1 . in 3Strv S

An analysis or the pre-tax pro- enters 1982-83 m a buoyant highly fragmented. ICC? believes
fit by divisions shows (fOOdsi: condition. its strength to be the suDerioritv

Midland Steel Products £1.0 v-i Net cash balances were £5.64 m of Us sv^em over other treK
t£UH2) Midland Bright £97 t£5.96m. The-e have been piques, ^ticitiarly dr? sand-
t £2226 1. Special Products £191 maintained alter spending blasting, and its experience At
*?«». Packaging Machinery almost £2m on new plant and the end of the day it is the latter
£1,193 t£MS>>, SK Holdings equipment. Authorisations for y iat ^jy COunt most t ut t h e

£1.130 (£1,404 1 . Ic-> head Office capital expenditure now nut- svstem offers a short term
expenses £551 l£355t. standing are El.Sm; this will in- advantage in this highly com-

Within die Midland Stec-1 Pre- create as itic year goes on. says petitive field. Yesterdav's lp

ducts division the «dee! stamp-
ings market both at home and

continued

ihe chairman. / rise to 21 p put the shares oo a

Meeting Savoy Hotel. W.C, j very speculative fully taxed p/e

be August 6 at noon.

i I abbey
"national

BUILDING SOCIETY

ABBEY NATIONAL
BUILDING SOCIETY NEGOTIABLE
BONDS

Issue date: lath July 1982
Repayable at par: 20th Ju! j 1 983
Interest payable: 20th Juiy 1983. at an effective
gross rate of 13 : ? per cent per annum

^rbe/ilationsl
B-Jiining :C.I*V
Z" 7 53- ef
LcriaonWir.'iAA

7.1an;r.o ; :e- E ••..•i-g-
Ferrcro» , eH? u ;* -

Progress at
Howard and
Wyndham

TURNOVER AT Ilouard and
Wynham for i lie 1981 jear
-lumped from 1 17.53 rn to £9.72 ir.

i20.3pi but there acair. r.o „
dividend. The dcScit <T2-.!-: _ _ oU * M
after exceptional a n ': ex:ra-'-rd ; - ■' : ' rne
norj debits la.-: >ear ’.Cal.-nj _reee-'jr>n
£6«9.0W and a iow-.-r char.- -' r ,u

Thi-' ii:n- of £9fi.Ut>:) (al'* •>?«.' . ‘J™ SI

1 n tne ; r :r.‘er;rr. -'.a'.oni-.-r.; “ ,ir ' , ' r1 "'-
(pre-tax I-----. tii-?r. i'ivctj*;

£377.000. aga:n.-t hr ar.--.tr.er

direi'tor- -aid ir.- jr-i:p ■> r-
tinted of two ■■-ad."r L \ • -T..-. i.-t

Ciro rrciati jev.eikr: -r.-j v,’. H. .27. k

UK demand still weak,
says Pilkington chief

DEMAND i- *l-rl ••cak for Many tinns in manning and better
of Piikinston Brothers' product; methods of working,
ir. me LK an-J this, combined in the Fiat Glass Europe
I? iy<n».!n’J.n= redundancy division, further improvements
cn«' ; . v,:!l l'vjo depresi trading jn productivity - and efficiencies
results this y?ir. Mr Anthony at all levels are still needed for
Puktrifton. tin* chairman, says }; fo be able to compete
:n hi« annua! sta icment. effectively.

Eu : he adds that (here are Shareholders* funds amounted

But he adds that (here 3re

?-?me ?i_'n« that ;ne worst nf the TT9i.7m t£736.lm) at the
rece--:n'n „ver :n ihr- UK ar.d year-end. Fixed assets totalled
,-r.ut will begin tn bcneiit SMA.7m l£S52mi. Net current

Allen tpuhi.-iaer). v. '. ' :: v.
went ? -cubs an:: a! re r. . ! ; -_-
lion during l^-i
They p»*;n*ed ou" :h •.; 5 - •■ r
bull Ciro and 'ho r. ..~.z
publishing !!

Allen were ahead "f ir-
ponding period a year e..r -r.
At Giro, the f lip's lar:.--- '.r=i-

iivcTSs-a*. e.-.. are ter

another g-A»d performance.

i T-.-tn-: f:i.. >>{ gia.”

“an'.'fii-f tirer ’.rd '•rrc.-o'.-.r.r- f.^i [

-27. £5::.4m :or the

assets were down from £I70.3rn
to £141 3m. including bank over-
drafts of £121m t£692mi and
f f ’ r i-asl; ar.d i>3ck balances of
£54.2 m «£39.7mt.

Capital expenditure con-
r -' rraciod for stood at £19ilm
ti-e ii23Pm» and approved but not j

rod.-vtir..' a om'racied £1322ra (£29m|.

£29 2st r-.o^e :n. VK tr.viirg The croup has a commitment.,
'fi £4] 2m. l!-*v ev-r. tr.c jr.:ounung tn £11.6m t£3.Smi not ;
•iJ -.j-.-r.d i.- ueid l 1 . 1 0 pt-r c-r.t. provided for in the financial }
a.- ••rtc'i -rs June 12. statements, to make tin the oen- 1

• • ■■ •• -.vuirmir. -r;.-; ihat

■ r.- -;o-r---- it appear* lhai : fil-

ar e..r - _ . t -j i< r.iii r-a.-ed st.e ncjk of

statements, tn make up the pen-
ihat sions of cenjin employees who •
:he jiave retired early. The commit- j
• of men: is in be paid over the next ;

r , :-"'.ru‘-ti:r'n-.- pro- si” years.

ing division. :!:«y ex-e'/ed ' -•? _r5r:a:c. there v. - :ls he a cor.

I usual patient v: or T'* :
s-.-tuntl !:a!f to be reper '■?•£.

* tu t n r.ip. i to i m o n iv- n ro-
c-.i.-’.ivi'v 'r-oukir rifie - re due*

Mcelinc. St Helens. Septem- i
f.er 3. 2.30 pm. !

See Lex >

BY CHARLES BATCHB.OR

Hanson Trust, the industrial
services group, is to make a
£14.3 m cash bid for the 78.3 per
cent of United Gas Industries
(UGI) it does not already own.

Its offer of 125p per share puts
a total value of £l8.2m on UGI,
which makes gas meters and a
wide range of gas and electrical
heating appliances and com-
ponents.

Hanson currently holds 3.16m
UGI shares, equivalent to 21.7
per cent of the equity.

The proposed offer was put to
UGI chairman, Mr Hugh Nichol-
son, yesterday and the. com-
pany’s board is now studying it
“We very much hope the board
will recommend the offer,” said
Hanson director, Ur John
Pattissoa last night

UGI, which has improved its
profits record in recent years,
would fit in well with Hanson's
existing light engineering activi-
ties even though direct product
synergies are not expected, Mr
Pattis son said.

West Kent
Water £1.5m
tender offer

West Kent Water Company is
seeking to raise £I.5m by an
offer for sale by tender of 8}
per cent redeemable preference
stock.

At the minimum tender price ,
of £98 per £100 stock, the con- ■
ventionai gross yield is 12.755
per cent and the fully grossed-
up franked income yield is 18.6
per cent.

The stock is redeemable at par
on December 31 1989. or at the
option of the company at any
time after December 31 1987,
subject to the company giving
three months' notice. -

Applications must be received
not later than 11 am on July 21,
accompanied by a deposit of £10
per cent. The balance must be
paid on or before Thursday,
September 16.

Brokers to the issue are
Laurie, Milbank.

• comment

Market movements haven't been
dramatic since late May when
the most recent water issues
were made, so it's ool surprising
to see fairly similar terms from
West Kent. Using the conven-
tional gross yield, this one offers
about 0.S5 per cent less than the
comparable gilt. A nod to lower
base rates has been made by
tugging down the minimum
tender price to £98 and reducing
the coupon to 83 per cent. But
these are mere cosmetics to
those anxious to make full use
of the franked income. Bidders
are advised that the market for
water stock remains fairly
healthy — a minimum trader at
par should ensure allotment

“We- like its activities- and we
like its management," he added.

Hanson has held a substantial
minority stake in - UGI for the
past 12 years although its hold-
ing was reduced from 25 per
cent IS months, ago when loan
stock was converted.

Appropriate cash offers will
be made for the preference
shares in due course and
arrangements will .be made for
the ordinary shares in respect
of which options have been
granted, Hanson said. UGI
shareholders will be entitled to
the final dividend for the year
March 31 1982.

UGI recently reported pre-
tax profit in the 12 months
ended March of £3.07m, com-
pared with £1.65m previously.
At March 31 it had net tangible
assets of £1 3.33m.

UGI Is much smaller than
other recent Hanson acquisi-
tions. notably the Berec battery
group, since . renamed British

Ever Ready i - bought for £95m-
last December, and the US-
footwear and tools company,
McDonough, which cost $2S5m
(£74m). ;

Hanson's most recent figures':
showed a 21 per cent rise -in-
pre-tax profits to: £22, 1 m in the-
six months ended March on turn-
over 36 per cent higher at'
£510m. - '

U.GI shares rose 2p to lOOp
ahead of yesterday's announce-
ment Hanson was unchanged
at 163p.

Ur Nicholson said last night
that the bid proposal had come
as a complete" surprise. The
cotnpany "would "take advice
from, its bankers before deciding
whether to recommend or reject
'it

- ? Hanson have always been
good friends." . he said., “We
knew that if we ever 'wasted
financial support they would be
there. ' When I heard of the
bid I said: ‘It is up to you

IoM Savings Bank fails;
to block shares sale

The attempt by .the Isle of Man
Savings and Investment Bank to
block the transfer and sale of
its 1.2m shares . in the quoted'
Westminster Property group,
deposited as security for loans,
failed in the High Court
yesterday.

Temporary injunctions had
been granted Iasi week on
behalf of Orphean and Poncho
Investments, both registered in
the Isle of Man and nominees
for the bank, restraining Mr

Teddy- Smith and- his solicitors
from transferring the 'shares.

Mr Justice Dillon refused an
'application by Orphean and
Poncho to continue the tera-
. porary injunctions :on . the
grounds that the bank's situa-
tions had : changed since 'the
injunction first granted.

The' bank's licence was with’
drawn on June . 25 hut attempts
by the Isle of Man Finance
Board to secure its position had
finally ended .on Tuesday.

Boulton &

Paul losses
cut to £0.18m

Boulton 4 Paul, a- structural
engineering and woodworking
offshoot of British Electric Trao- .
tion, cut pre-tax losses from
£1.5 6m to £540,000 In the second
half of 1981-82. Taking the first-
half profit of £359,000 into
account the loss for the year
ended March 31, 1982. comes
through lower at £181,000, com-
pared with £353,000.

Group turnover was static at
£79. 3m while ' trading -' profit
showed a decline from £4,3m to
£2.93m. Redundancy costs were
lower at £72,000 against £922,000

The pre-tax loss is more than.
offset by tax credits of £L.39m
(£2. 57m) to leave a net surplus
of £L21ra (£2 -22m).

Euston Centre
Properties
rises to £5.8m

Revenue before tax of Euston
.Centre Properties advanced from
£4£4ro to' £5 .88m for the year
to March 31 1982. Tax paid rose
by .£637,488 to £3.04m. leaving
the net figure at £2.S4m, . com-
pared with £2 2 4m.

Including a higher balance
brought forward of £61,682
(£26,428) the available surplus
moved ahead from £2.26m to
•£2 -9m, from which dividends
absorb £2.7m (£2J2m).

Mid-year pre-tax profits totalled
£2. 84m (£2.D2m).'

The company's “A" shares are
all held by Stock Conversion and
Investment Trust and its “B "
capital is owned by George
Wimpey.. _ through _ Wimpey
Property Holdings.

The Pension Fund Property Unit Trust

Total Assets £276 million

Highlights of the statement by the Chairman Mr. C. J. Baker „

• The average annual rate of return from investment in property ir. the las:
five years has matched that from equities and greatly exceeded that f ’orn
gilt-edged securities. It has also exceeded the average rate of inflation by
more than 7 per cent per annum.

• A number of pension funds have been redeeming property units and j

purchasing property direct. An adequate spread of prime properties is ••
unlikely to be achieved by a fund smaller than £100 million. j

• Property units and property shares are very different investments. For ]
example, during the year the value of theTrust's Units rose by nearly S per \
cent and the FTActuaries Property Share Index fell by 8% per cent.

• The policy of improving the quality of the portfolio by active management
has been continued. A number of fully let prime shops have been acquired ; ,
at a cost of over £8 million. Industrial developments costing nearly £6 |
million have been completed and let. Various office ref urbishmsnts have ]
also been successfully completed and substantial new lettings achieved, j

Copies of the Report and Accounts may be obtained from the
Secretary 73 Brook Street, London W1Y 1 YE

Summary of Results

25th March
1982

Property Investments at Valuation £276m

total Net Assets

i Revenue before tax

j Ur, ‘is in Issue

j FairValueofaU’nit

Distributions oerUnit

£276m

£15.4m

121,206

£233

£126.30

25th March
1981

£243 m

£262m

£15.6m

123,935

£ 2,100

£124.05

25 March
1980

£229m

£251 m

£14.0m

122,366

£2,050

£109.80

n [||i Pension Fund Property Unit Trust is one of fourproperty unit trusts

1 1 1| managed by the The Property Unit Trusts Group on behalf of about 800
j 1 1 % pension funds and charities as Unit Holders. The Group has.funds
under management approaching £320 million.

crV J }^

■s— “ 1 -

23

Financial Times Thursday July 15 19S2

Companies sad Markets • -

*ti

UK COMPANY NEWS

H.P. Bulmer lifts profits 67% on sales rise of 25%

FOLLOWING A strong first-half
performance by H. P. Bulmer
Holdings, its profits In thfe
second six months have
exceeded the board's expecta-
. -lions of last December. For the
'53 weeks ended April 30 1982,
pre-ta* profits have been lifted
by 6f per cent to £7.51®, against
* is the previous 62 weeks,
.on sales, excluding excise duty,

up 25 per cent, at £71 52m.

At the interim ' stage, sales
were ahead by 2a per cent and
pretax profits at £3 .99m, were
some £1 3m higher (42 per cent).
In the second half, sales
increased by 31 per cent and tax-
able profits at £3 .52m, were more
than double those of the same
period of 1980-81. ' Ur Esmond
Buhner, the chairman, describes
the year's results as “excellent”

In December, the board- said it
was unlikely that 'the group
would see a similar percentage
growth ' in the second half to
compare with the 1980-81 second
half increase of 75' per cent
But further progress was
expected. • ■ ■

The group— engaged. In. the

manufacture of cider and pectin
and the wholesale of wines and
‘ spirits— is raising its dividend

■ for the year to 12.6p (93$p) net,
with 'a final up from 4.06p to

- 6>72p. • Stated . earnings per 25p

share jumped by 64 per cent
from 35.30p to 5&02p. /

..The strong growth achieved
in historic cost . 'profits has also
been achieved on a current cost
basis. Current cost pre-tax
profits have Increased by 67 per
cent to £6. 12m (£2.67m). On the
same basis, earnings : per share
were 44-83p <27.26p).

Mr Bulmer. reports that the
new financial year' has started
on fin encouraging note, with the
group's main trading activities
showing . continuing growth in
sales volume.

The group is actively seeking
m broaden, its trading base, both
in the UK and Overseas, and fur-
ther progress in this direction
is expected during the year.

■ “ Our expectation of a con-
tinuing 'strong' cash flow will
place Q5-zs a favourable position

- to pursue these opportunities,"
the chairman states.

“I believe that we are now
well placed to continue our
profit growth this year," he says.

Although . results of the
group’s overseas subsidiaries
were disappointing in 1981-82,
overall trading profits advanced
by £3m (39 per cent) to £10.46m.
All the group's main trading
activities showed a marked
improvement over the previous
year,, with cider (profits up 42
per cent) and wines, spirits and
other .drinks (up 58 per cent)
bath performing well; pectin
profits rose by 25 per cent

Interest charges were some
. £0,4m lower at 1 £L.88m, mainly
as ' a result of a reduction in
group borrowings during the
year. Exceptional debits of
£895,009 - (£480.000) mainly
reflected the cost of' writing
writing down obsolete packaging
and some plant.

The . fine summer weather in
August and September, last year
gave a significant boost to dder
sales and this improved trend
continued throughout the
remainder of the year.

' Despite the proliferation of

new brands in the UK natural
spring water market, Perrier
sales volume increased by 31 per
cent and remains the dominant
brand in this grpwth market.

Bed Stripe lager did not meet
targets for the year, but market
conditions were very competitive
and total UK lager sales have
declined. During the year the
franchise with 7-Up was ter-
minated, by mutual agreement

S3 wfca. 82 wka.

1961-82 189081

£000

£000

Safa**

njyvt

p-'i ::y>

Gfcfer

54,794

43.912

Pectin

7,431.

5,363

Wines, oriniss, othra

ifrtnfcs

9.052

7.085

Trading profits

W.4S8

7.498

■Oder

8,ese

6^48

. Paotin

944

758

Wbws. spirits. oSier

drinks

656

*16

Property (jww «Hs-

eontiniiuf)

. -T?

77

Interest p*yabd»

Minority interest

Erode prionsl chatgast —
Employees’ deferred
profit-sharing plan...

Profit before tax ;.

Taxation t

NBt profit — .

. 361 218

, 7,512 4.509

1.364 709

6. MS 3300

Preference dividends... 130- 129

Ordinary dividend 6 ... 1,307 973

R«Wn«l 4,711 2.B28

• Excluding exetw- duty rod VAT.
tCompnsw E142.00Q (£542^00) piy-
ments in /aspect ot lamination of ®m-
oioymmi Cl 34.000 (E&OOJDOO) provicrDn
far *oase& on disposal -of surplus
wooden crates: nit (£340.000 credit)

poor year pension and. tile 'eetunnee
fwatniunr adjustment; £32,000 loss
£182.000 orofU;) arising from dispowHe
of fixed ecssta; 048.000 (oil) provwwn
to reduce book values of plant, not
cunmtfy in oh. so estimated net
resU&efcfc -vatun; £83.000 (nH) incen-
rivBa to emphsyees to change wage pay-
ment method a; £56.000 pherpa (£30 POO
credit) ari e os H nSgdf and prior year
items, t Comprises £t.35m (£702,000)
UK tax. £10.000 (£9.000) evemeae tax,
♦ess nil (£2.000) nrinoiMea.

• comment

Beer production figures may
keep on sliding; Buhner’s figures
for the 52 weeks to April never-
theless show cider sales ahead
by nearly 30 per cent. On a
52-week basis the volume im-
provement is 10 per cent,
against S per cent at the half-
year. It is hard to resist the
idea that cider has become an

increasingly good substitute for
beer, with vastly better retail
margins. The other two strings
to Buhner's bow have also pro-
gressed well. Distribution of
other drinks is becoming more
profitable as the product port-
folio is strengthened (the over-
head costs remaining fairly
static), while pectin profits were
helped by the rising dollar to
overcome fears of a slowdown
in the second half. Up 26p to
a peak of 460p, the shares yield
4 per cent- A fully-taxed p/js of
33 reflects faith that the pace
can be sustained; as volume is
still growing, and productivity
improvements have yet to’ be
exhausted, this, is reasohable
enough. If there Is a doubt, it
stems from the recent state-
ment by the chairman of ASied-
Lyons, predicting that recent
clashes in the North East might
develop a national price war .
and lower profitability for the
whole industry. If Sir Derrick
is proposing to go after a larger
share of the marker, Bulmer’s
margins would be bound to
suffer.

Mr Esmond Bulmer, the chairman or H. P. Bulmer Holdings
who yesterday reported “excellent results for 1981-83."

*. taii'

! ( i-n:&

Uf'

Midterm rise
for General
Consolidated

Earnings of General Consoli-
dated Investmen t T rust rose
from £499,994 to £587,812 in the
six months to June 30, 1982,
after corporation tax of £161,650,
against £108,490, and tax credits
imputed to franked income of
£191,108. compared with £174,503.

The directors say- second half
revenue is not expected to show
the sane rate of Increase as m
tiie^rat half. '

The interim -dividend is raised
from 2.25p to 2.4p — last year's
final was 4.1Sp,'paid from net
revenue of £l-25m. Stated earn-
ings per 25p share were 19 from
2.68p to 3.15p, while set asset
value per share is given as
154.6p (160.6p).

Gross revenue totalled £L04m I
(£888,289), comprising franked
£637,022 (£581.678) and

unfranked £400,253 (£306,611). 1

Glanfield Lawrence loss more than doubles

PRE-TAX LOSSES - more than
doubled at Glanfield Lawrence
in the half-year to March 28
1982 from' £116.000 to £240,000,
despite an advance in turnover
(excluding VAT) from £5.l8m to
£7.25®. -

■The group, a holding company
with interests in motor vehicle
distribution and engineering,
moved from a trading profit of
£41,000 in last year’s first half to
a loss of £16,000. Bank and loan'
interest took £224,000 (£157,000 Y.
and there was a tax credit of
£8,000 (£128,000).

The company says there has
been a slight improvement in
trading results in the- third quar-
ter, a trend which it hopes will
continue, allowing a more
encouraging outlook to be pre-
sented to shareholders rn the
statement accompanying the
next audited accounts.

The lack of demand for new
and used vehicles resulted in
extremely depressed margins
and trading was further hit by

BOARD MEETINGS

JlH:

Th» fallowing companies hava notified
dates of board reestsnga to -the Stock
Exchange- Suofi minting* era usually
held for the purpose of considering
dividends. Official imficMiana era not
available 11 to whether the dividends
are interims or finals end the sub-
drvfaions shown below era based
ourinjy on fast year's timetable.

TODAY

Interims: Associated Newspapers,
Daily Mail and General Trust. Euroth erm
International. Rom nay Trust. Tribune
Inveasmem Trust. Vesper, Yeomen ht-
veetment Trust.

Finals: BralthwaHe Engineers,
Ctutntjo-Tytar, Disti'llsra. Downy. G. M.

the severe winter. Continuing
high interest rates paid to
finance stock meant an appreci-
able rise in financial charges.

The only completed acquisi-
tion during the six months was
that of 6ome land next to the
present Finchley premises. A
large modern patrol station is to
be built there. Outline planning
permission . has been obtained
and detailed approval is antici-
pated soon. The group has

Firth, Gran Umrarael Stores. Hosts,
mors Estates, Nowden Group, Jones
Stroud. London end -Midland Indust-
rials. Marting Industries, OH end A*so-
ofesd Investment Trust. Symonds
Engineering, Tsx Abrasives, Thorn EMI,
TJ? Trustees Corporation, Urwgaa,
Wheeler's Restaurants.

FUTURE DATES

fa i l lu re ■

Evade — Aud S

Jacobs (John I.) July 29

Led* Investment Truss ....... July 20

FTrrete —

Fuller Smith end Turner July 20

Mid Wymd Intnf. Invest. Trust July 29

Radiant Metal Finishing July 20

Unitsch Aug 3

negotiated an interest-free grant
from Mobil Oil Company to
finance the acquisition and
development of the site, which
will become operational by
mid-1983.

As advised to shareholders,
the board has decided to change
the end of the financial year to
December in order to coincide
with manufacturers' operating
years. It is felt that this will
assist in assessing the trading'

July 1982 issue includes:

* B anki ng in France

* UK bai^productiyity ' •;

* USandUKtaiik corporate services

* Financial fiitures

* Government intervention-in’the

financial sector 1 . .

^ Profitability in banking - .

The Banker, this month as ever, simply essential .
reading for anyone seriously involved in banking and
finance. Be smart and getyour copy today.

You could, of course, place an order with your regular
newsagent Alternatively, you may find it simpler,,
more reliable and convenient to complete the coupon
below for a year’s subscription.

THEE4NKER

The international forum for
leading bankers everywhere.

THE FINANCIAL TIMES BUSINESS PUBLISHING LIMITED

Tb: The Promotion and Development Department,

The Banker, Greystoke Place, Fetter Lane, London EC4A 1ND,
England.

I wish to subscribe to The Banker for one year, 12 monthly iwuea,
beginning with the July issue. Please invoice me. I underetend
that if I am not satisfied after receiving the i first two issues and
write to the Promotion and Development Manager my invoice will
be cancelled-
Subscription Rates: □

n £56.00 Rest of World Airspeeded
n US$90 USA Airspeeded

Titaghur Jute runs into
loss of £3m at halfway

BLOCK CAPriALS PLEASE
Mr/MrolMu*

Nature of Bnria**» . — ■ —

Date

. SlgBalure ;

tU El rt«riA«reMEr«lwxiHi.u»«,C. B w»SCTMl,^r.«l«nEC-lP4BY

R>fiUdw«Hl Number:

HEAVY LOSSES in Indian
operations meant that Titaghur
Jute Factory Co. Incurred a pre-
tax deficit of £3.03® for the half
year to. December 31 1981. com-
pared with a profit of £321,000
previously.

The loss in India amounted to
£2.96m alter depreciation of
£186,000. against a profit of
£396.000. The UK associates'
deficit ' was slightly lower at
£70,000 (£75,000). Turnover in
India rose from £13.57xn to
£14.3®.

The directors say that, as fore-
cast in the chairman's statement
for 1980-81. the group mills'
working for the half-year
resulted in heavy losses. There
has been an improvement in
working in the second half, but
substantial losses have again
been incurred.

The group's associate in the
UK — the A. and S. Henry and
Co. (Dundee) Group— again
incurred heavy losses. The

Bowthorpe Holdings —
Prudential Assurance Company
(excluding “A" account if anyl
holds 2J532.451 shares and
Prudential Nominees hold
167.500 shares. Total 2,699,651
shares (6.69 per cent).

Telfos Holdings ■— K. P. Legg,
a director, has notified that
Plantation and General Invest-
ments, of which he is a director,
holds 687,900 ordinary shares
(12.6 per cent), and £250.950 12
per cent convertible loan stock
1991 (21 per cent).

Weir Group — Dr G. A. Weir,
a director, has sold 50,000
ordinary shares reducing his in-
terest to 275.203 shares. He has
a non-ben eficial interest in
626.000 ordinary shares. .

Wm Low and Company —
H. L. Findlay, a director, holds
266 ordinary shares. C. J. G.
Grant, a director, holds 2,333
ordinary shares. J. L. Millar, a
director, holds 4,533 ordinary
shares. C- C. R. Mitchell, a
director, holds 4,000 ordinary
shares. J. P. Rettie, a director,
holds 19.060 ordinary shares

i qhihim & OVERSEAS FREIGHTERS PLC

YEAR TO 31 MARCH 1382

_. Reoe ral Meeting of London & Overseas Freighters PLC was held

■„ JKS *£S2A - A n** m-*—* ■

- llW referred to in the. Directors' Report and Chairman's Statement

.to»P« n yi=rS“ASa U senL.io shareholder, were:-

* Difficult year's trading resulted in a loss of f2.32m. ■

i . AArnan A f 0 r oil haf made it almost impossible to find profitable employment

* fo* theT^akera 1 which comprise S59S of the fleet tomasd

* No dividend recommended in view of uncertain ontloot

. a. » — n-nsmimts dne iu year commencing 1 October 1982 have been deferred

* So ? e 2J faSmies of $l4.4m arranged to assist In purchase of two new

completed during not few months.

t ml 1 rime that the surplus of tankers, resulting from over-building In the

* Th«e are signs uiat duced demand for oil, is starting to be rectified. An upturn
seventies and the gre re rerolt in ino-eaBe j„ consumption of oil and the

- in the world wmotW ™ w J5d, will help to balance supply and demani We are
movement it will happen before very long, bringing with it an

i“SS«d demand for our tonnage.

8 BALFOUR PLACE, LOUDON, WIY 6AJ

associated group is being
reorganised and the benefits
will not be seen until 1982-83.

The group's proposal for
Indianisation of the three UK-
based companies operating in
India still await the Indian
government's approval. Details
of the proposals will be
circulated when approval has
been received.

The directors say it is impos-
sible to. forecast when profit-
ability will return to the Indian
jute industry, which is passing
through its worst crisis for
many years.

The group turned in a profit
of £574.000 for the last full year.

Interim losses per £1 share
are given as 222p, compared with
earnings of 2lp previously.
There is again no dividend on
the ordinary or preference
shares — the last payment was
made in 1972. There was an
unchanged tax charge of £2,000
for the half year.

SHARE STAKES

nun-ben eficial ly. I. W. Stewart,
a director, holds 38^86 ordinary
shares non-benefirially.

Allied Lyons — F. EL Shower-
ing, director, sold lm ordinary
shares.

Trent Holdings — NNC
Pension Trustee of Warrington.
Cheshire, acquired 95,000
ordinary.

Warner Estate Holdings — Sir
Henry Warner notifies that his
interests in 84,024 ordinary
cease! when the beneficiary of a
trust became absolutely entitled
thereto.

Ex-Lands — Following a re-
cent purchase of 25,000 ordinary
Jantar is beneficially interested
in 477,500 shares (10.70 per
cent).

East Band Consolidated — An
increase in shares . held by

directors’ family trusts, of which
N. H. Marshall and D. a
Marshall (chairman and vice-,
chairman) are trustees, have

increased their holding by ■

633,000. D. C Marshall is
beneficially interested in
1.395.919 shares (7.6 per cent).
N. H. Marshall and D. C
Marshall are jointly Interested
beneficially and aon-beneficiany

results of the group's various
companies.

However, due to the teclusitm
of an additional three months
which have historically been a
poor trading period, the decision
'will worsen the ultimate results
for tiza current period.

The board has reviewed all the
present operations and has
decided to cease trading where
an early return to profitability
appears unlikely. The Fiat/
Lancia franchise at Swansea has
been relinquished with effect
from June 30. Most of the stock
has been sold and the group is
seeking to dispose of its freehold i
property.

The company has also decided !
to sell its valuable freehold
property at Finchley and nego-
tiations are taking place with
interested parties.

As a result of these measures
and the possibility of other dis-
posals. the group anticipates a
substantial improvement . in
trading results as well as a
.reduction in its borrowing and
interest charges.

Yearlings
total £16.75m

YEARLING BONDS totalling
£16.75m at 12i per cent redeem-
able on July 20. 1983 have been
issued this week by the follow-
ing local authorities.

Oxford City Council £lm;
Hackney (London Borough of)
£lm; Kirklees Metropolitan BC
£0.75m; Nottingham (City of)
£lm; Kunnymede BC £lni;
Salford (City of) £0.5m; Cum-
bernauld and Kilsyth DC £0.25m;
Derwentside DC £0.5m: Fenland
DC £0.9ra; Harborough DC
£0.45m: North East Fife DC
£0.5m; Reigate and Banstead
(Borough of) £0.5m; Wansbeck
DC £0.3m; Fife Regional Council
£lm: Bristol (City of) £1.5m;
Hammersmith and Fulham
(London Borough of) £2.5m:
Kiiiccaldy DC £0.5in: New Forest
DC £0.75m; South Staffordshire
DC £0.25m; Central Scotland
Water Development Board £Lm;
Portsmouth (City of) film.

Basingstoke and Deane
Borough Council has issued Elm
of 13} per cent bonds at par for
redemption on July U, 1984.

in 4,182,759 shares (22.78 per
cent).

British Steam Specialties —
Prudential Nominees are
interested in 625,500 shares
(5.055 per cent). ' Prudential
Nominees B account are
interested In 125,000 shares (1.01
per cent). Kingman nominees
are interested in 270,000 shares
(2.182 per cent). Total S.247
per cent. These are not new or
changed holdings, but are
notified in accordance with the
1981 Companies Act

Suter Electrical — Mrs S.
Abell, wile of J. D. Abell, chair-
man and chief executive, has
bought 50,000 deferred ordinary
shares.

GUlett Bros. — Imperial Life
Assurance of Canada owns
237,500 ordinary shares (8.7 per
cent).

L J. Dewhirst — D. C.
McQueen, a director, has sold
50,000 ordinary shares.

Ash and Lacy — Britannic
Assurance holds 415,000 ordinary
shares (9.95 per cent); XTC Pen-
sion Trust bolds 306,500 ordinary
(7.35 per cent); Sea Insurance
Company holds 28 0,000 ordinary
(6.96 per cent): and Prudential
Assurance Company bolds
224.073 ordinary (5.38 per cent).

RESULTS AND ACCOUNTS IN BRIEF

CHUBB AND SON (»seurity eyswmB)
— Besulis tor yeaf to March 31. 1982.
and proapsco reported June 24 in lull
pcchminarv statement. Group fixed
»S3eis £53. 1m (£50. 51m). Assets on
rental £12 3m (E13-9mV Net current
assets £50 7m (£51. 67m). Shin-
holders' tund* £82.21 m (£E3.3m).
mans E23.78ITI (£28.17m). Meeting.
Hyde Perk Hotel, SW. August 11, at
noon.

Prg.rax lose for half year to December
31 1981. £109.000 (profit ES2.000); tufn-
evor £214.000 (£630.000): tax credit
£57,000 (chaige £32.000); net fan
alter tax E5&COO (profit £30,000).

GHEAT PORTLAND ESTATES fpro-
peny development end invesonem)—
Results for year to March 31 1982
reported on June 11. Sharahtfdera’
funds £273 . VSm (£18 1 54m): fixed
st seta EDS. 69m (£207.56m); currant
Besets C37.42an (£11. 59m); current

liabilities £19.7 inn friS.51«n); increase
in net working capital £24. 67m
(12.15m). Company oortfotfa wee
revalued lor the first time since -1956.
which ehsMtnan says increased net
assets- Meeting; Cafe Royal. 69 Recent
Sl W. September 1. at noon.

SCAPA GROUP (industrial textiles)—
Rreirlfs far year ended March 31 JS82
reported June 25 with n;n$ pacts.
Fixed assets £39. 37m (£31 .73m). Nat
current easets £33.57m (£27C3m).

Group shareholder*' funds £50,S8m
(CJS.77m). Loans £1*.S2m (Di 35m).
Increase m working capital' E8.22m

(£1 .63m) A new olant far wet faHs
» be (crafted in State o( Kentucky.
U 5., is planned fa Starr up in 1S84.
Tha company is tskwvj ntcoi to ensure
that 'ns penetration into rhe European
market becomes w efiectiva by the
nguisibon of face! iwanufactuNng
units. Meeting. Bteckbum, August 6.
11.30 *m.

SUTCUFFE SPEAKMAN (carbon
maciufsctura and engineering) — Results
for year to March 31 1882 reported
July 8. Shfrwturiders' funds Cl .85m
(Cl .7m). Fixed Meets £340.000
(£549.000). Nit Current esteCs Cl J9m
(CI.ESm) Including bank owwdrefiB
C1.9Sm (£1.Q2m). Medfam term lo®"
£0.36m (£0.33m). Accounts have

again bean Qualified. Group boefaw-
hiqe and guarantiee laolitics remern
subjiicr to regular rovraw with the
company's bankere. The finencW
rt Momenta have boon drawn up on a
geing concern basis which assumes
that adequate banking faculties wriH
eeMMHis to be nmfa available to the
group.

TECALEMT (gange equipment flftra*
don and lubrication system*, eomhus-
tfan enginsenng)— Respite for the year
m March 31 1SS2 rnoorted June 36.
Shareholders’ funds C?4.5m (£23-31 m}:
net current assets £16.5m (£16 53m):
fi*ed assets ril 48m (C10.28m):

incroBEB in working ceoiral fl-OTm
(decrease El.lZm). Maatmg: W>n-
ehesttjr House. 77 tendon Wall. £C on
August 6 at noon.

Broms grove
down slightly

Pre-tax profits at Broms grove
Casting & Machining fell back
in the year to March 1 1982 from
£181,712 to £171,771. on turnover
up from £3_12m to £3.62xn.

A final net dividend of l-5p
per 5p share is to be paid, main-
taining the payout for the year
at 225p. Earnings per share of
this manufacturer of aluminium
and non-ferrous castings, mainly
for vehicle production, are
stated at 4.Sp (4.9p). Tax took
£95.500 (£103,000).

Daejan expands to £4.7m

TAXABLE PROFITS of Daejan
Holdings, property investment
company, rose from 13.83m to
£4.74m in the year to March 31,
1982, with £1.94m. against
£LS9m, coming in the second
half.

The dividend is being
, increased from 3£5p to 4.75p
net. with a final of 2.S25p. Stated
earnings per 25p share were
1.76p higher at 18.35p.

Rents and charges less pro-
perty outgoings amounted to
£4.94m, against £5.23m which
included rental increase of
relating to the previous

year. The surplus from pro-
perty sales was up from fa. 0.1m
tp 15.53m. while other income
totalled £112,000 (£137,0001.

Financing and other charges
absorbed £5. 85m. compared with
£6.58m.

Tax took £l.74m (£1.09m) and
minorities £5,000 (£42,000),

leaving £2. 99m (£2.7m) before
extraordinary credits of £21.000
(£18,000).

The directors say the accounts
for the year will reflect a re-
valuation of the group's property
portfolio, carried out m early
29S2.

GEI 1=^
INTERNATIONAL

LI PLC

tTJtfh

• l i [•] i • r*

i4¥iTMT

Turnover
Pre-tax Profit
Total Net Dividend

1982'
£54-70m
£3-1 4m
5-31 5 p

March

1981
£55’ 32m
£3- 48 m
5-31 5p

Chairman, Mr. Thomas Kenny, FCA reports:-

1. All divisions profitable - higher than normal percentage of
pre-tax total earned in second half.

2. Dividend maintained and fully covered

3. Direct exports account for 1 6% of turnover.

4. Our theme for some years of investment in new high
technology equipment will continue.

5. Order books at highest level since 1 980.

Copies of the report and accounts
are available from the Secretary

NOTICE OF ISSUE

GEI International PLC.. West Street
Dunstable. Bedfordshire LU6 1 TA

ABRIDGED PARTICULARS

Application has been made (o the Council of The Stock Exchange for the undermentioned
Preference Stock to be admitted to the Official Ust.

West Kent Water
Company

(Incorporated in England on 1€th April. 1878. by the Sevenoaks Waterworks Act. 1878. the name of the Company
having been changed to Sevenoaks and 7 bnbridge Water Company in 1348, and to the above name in 1973)

OFFER FOR SALE BY TENDER OF
£ 1 , 500,000

8% per cent. Redeemable Preference Stock, 1987/89

(which will mature for redemption at par on 31st December. 1989. or at the option of the Company,
in whole at any time on or after 31 st December, 1967, on the Company giving three months' notice in

writing)

Minimum Price of issue £98 per £100 Stock

yielding at this price, together with the associated tax credit at the current rale, 212.755 per cent

The Stock is an investment authorised by Section 1 of the Trustee Investments Act. 1961. and by
paragraph 10 fas amended In its application to the Company) ol Part II of the First Schedule thereto.
Under that paragraph, the required rate of dividend on the Ordinary Capital ot the Company was 4 per
cent, but, by the Trustee investments (Water Companies) Order 1973, such rate was reduced to2.5 per
cent, Jn relation to dividends paid during any year after 1972.

TheStoekwlll be entitled toadividend at the rale of 8% percent. perannum.The associated tax
credit at the present rate of Advance Corporation Tax is equal to a rate of 3,75 per cent, per annum.

A deposit of E10 per 2100 nominal amount ol Stock applied tor must accompany each Tender
which must be received at Delottte Haskins & Sells. New Issue Department, PO Box 207, 128, Queen
Victoria Street, London EC4P4JX,tn a sealed envelope marked “Tender torWest Kent VftterCompany
Stock 1 * not later than tl ajn. on Wednesday. 21st July; 1982, being the time of the opening of the
subscription lists, and before which no allotment will be made. The balance of the purchase money
must be paid on or before Thursday, 16th September 1932.

Copies of the Prospectus, on the terms of which atone Tenders will be considered, and Forms of
Tender may be obtained from:—

Laurie, Mifbanfc & Co,

Portland House, 72/73 Baslnghall Street, London EC2V 5DP
and

National Westminster Bank PLC,

67 High Street, Sevenoaks, Kent TN13 1 LA

or from tha Offices of the Company at Cramptons Road, Sevenoaks, Kent TNI 4 5DG.

Stti MINING NEWS

Finaiidal Times. Thursday July 15 1982

Bros AND DEALS

MONT EDJ SON GROUP

CRRLO ERBR

HIGHLIGHTS FROM 1981
ANNUAL REPORT

The final balance sheet for Farmitalia Carlo
Erba, the pharmaceutical Group, shows that
1981 was a banner year.

Consolidated sales reached S 556 million,
compared with S 452 million for I960. Profits
exceeded $ 27 against S 19 million the year
before.

The Farmitalia Carlo Erba Group, besides
pharmaceuticals, is also active in veterinary
products, chemical analysis, and analytical
and biomedical instrumentation.

For pharmaceuticals, the Group is represented
in all the more important countries either by
Subsidiaries or Scientific Offices.

Production is handled by 20 plants. lOof which
are abroad, principally for pharmaceuticals.
Employees exceed 10.000 for the Group, 6,000
of whom work in the Company headquarters.

Research and development constitutes a heavy
commitment. last year accounting for more than
1500 employees, at S 53 million.
Pharmaceutical research is also reflected by
more than 1000 patent applications, of which
436 have been granted, with more than 3900
international extensions.

Some 30 new products are still in the research
phase. Farmitalia Carlo Erba has an outstanding
world position in research on drugs for tumor
therapy.

Scrip is a highly respected publication specialising
in the pharmaceutical field. They publish an
annual ranking of world pharmaceutical companies
based upon the number of experimental products
under development. Farmitalia Carlo Erba climbs
from 35th in 1980 to 25th in 1931.

Looking to the future, the Group's strategy
anticipates an increased development, both
from improvements in current activities and
through acquisitions. While pharmaceuticals
remain the primary interest. Farmitalia Carlo
Erba intend to reinforce its instrumentation,
diagnostic and veterinarian operations, areas
of long standing succes for company affiliates.

I. J. H. Nightingale & Co. Limited

27/23 Lovac Lane London EC3R 8EB

1351-32
H-ih Low

Company

BEB Telephone 01-621 1212

P/E

Gioss Yield Fully
Puce Change div |p) % Actual taxed

173

120

A53. Bril. Ind. Ord. .

123

+ 1

64

52

11 2

13.8

i;t

n

.'.-.S Bril Ind OILS..

132

—

10.0

7.6

—

—

75

62

Airsorunq Group

71

—

fi 1

3.6

8 1

13 9

51

aj

Arimw^c & Rhodes

43

—

4.3

10.0

36

a 1

2:3

167

Bsrdon Hill ....

223 xd

—

11 4

5.1

9.4

11.5

no

100

CCL llpc Conv. Prel. .

MO

—

15.7

14.3

—

—

263

240

Ciod-co Grouo

26 S

264

10 0

10.7

12.0

1 M

60

Dfbouh Services .

63

T 1

6.0

92

3.2

6.7

135

37

rrpal Horsell

135

7.3

5.9

5.7

6 1

a:

19

Fr.?JencV Parker

74

6 4

3.6

3 8

7.2

n

46

Georpe Blair . . .

53

—

—

—

—

—

102

91

Ind Precision CASteiqs

93

—

7.3

7.4

7 1

10.7

no

Iff)

Isis Conv. Rrol. .

no

—

15.7

14.3

—

—

irs

9 J

JseVson Group

ICS

7.5

7 1

3.2

6 7

106

James Burrouoh

124

—

3 6

7.7

5 1

10.1

■it

2 20

Robsn JenVms

am

—

31 3

136

3.2

8 1

3 -j

51

Scruttons "A"

80

__

57

7 1

10.4

125

222

154

Torday & Carlisle

155

11 4

74

70

11 9

10

Twmocl Ord

13 -r

—

—

12.1

17 6

o 2

66

7 '«>niock 13 oc ULs ...

52

- 1

15 0

183

—

Cl

23

Urn'OCl- Holdings

25

—

3 0

120

4.5

76

72

Walior Als»andor . ..

35

—

6.4

7 5

56

9.9

262

212

VI 3 Yeaies

236

4 1

14 5

6 1

62

12 4

Prices new available on Prcste! page 43146

Noranda loses more in
the second quarter

BY KENNETH MARSTQN, MINING EDITOR

Mariey in
£2.2m US.
plastics
expansion

56 cents per share.

and cable continuing to deterior-
It makes a half-year loss of ate.

depressed and markets for wire factory condition."

and cable continuing to deterior- Canadian investment analysts

Canadian irrvestm ent analysts Consider^ is. *875m
disagree about the company's ^

CS75.4m, or 79 cents per share ~ Io f products, lumber near term prospects, recent esti- 'vgElJuff 1 -

markets reSaiSed dScL wlSte mates for 1982 having ranged is at Bamboo, Wisconsin, has a

r re"#! im tircuuisidUTO is luiiuutfie «*■ ™

sain oi wieam. that Noranda entered 1882 in back in profit again next year

The quarterly dividend, pay- strong financial condition, but although earn logs forecasts are

able on September 15. has been the need for drastic cost control wide open with a range of

halved to 12.5 cents. and cash conservation measures between 75 cents and 300 cents

Noranda says: “Strikes at is obvious.

per share.

B PCCS STAKE IN
BEMROSE OVER 19%

British Printing and Com-
munication Corporation (BPCC)
maintained its steady build-up

Y Y a A • ii 1 of shares in Bemrose Corpora-

Hampton Areas wins through * *

Yesterday BPCC announced

WHILE the raining major* con- dead of 2.25p to make 3p for the Areas has also enjoyed a favour- a fiu*Ui6 r

linue to suffer from the effects of year— out of earnings of 13.6Sp able exchange rate in converting 100.000 Bemrose shares at 145 ip.

world recession, cheerful news £T sfcjres-compered with 2.5p Au.Mi.il rovalty receipts p 'e“ the uiS"

conies from one of their smaller Major imm m good Investment ineome has been The hid fm t n Bnyl. which has

brethren. the UK-resistered performance include record boosted by high interest rates far bought 13, P®* ce nt °f

Hampton Gold Mining Areas. royalties paid by Western Mining while a useful profit has been Bemrose, expired yesterday.

comes from one of their smaller Major factors in the good Investment income has been

brethren. the UK-registered performance include record boosted by high interest rates
Hampton Gold Mining Areas. royalties paid by Western Mining while a useful profit has been
The promise held out in the for nickel production carried out made on the sale of the in vest-
half-year results has been ful- ai Hampton Areas' ground in meats in Paringa and Cornwall's
filled by a doubled full year's net Western Australia which is Geevor Tin.

profit of £1.8om for the 13 months mined as part of Western In the UK. the Great Row
tn March 31 compared with Mining's Kambalda operations. colliery' increased its profits but
£950,000 in the previous financial During the past 12 months the Walter mining machinery
year. Western Mining increased its subsidiary did less well because

CLEVES INV. BIDS
FOR WOODEND SECS.
Cleves investments, licensed
dealers in securities, cm Monday

year. Western Mining increased its subsidiary did less well because acquired as principals 1.203,106

Shareholders get a final divi- mining in this area and Hampton of lower purchases of equipment ordinary shares (70.36 per cent)

from the National Coal Board in Woodend Securities at 35p

and this accounts for the reduc- per share.

Steady progress at svaSSTS

Ashton gem venture “r—Tsir i SMWsi..®

, ...sii j. _ 1 1 , _ to take no turtocr actKHi for

THE LATEST quarterly report has offered to buy all the gem contpan) will thus do well to ^

from CRA on the Ashton joint quality diamonds, which make main tain them m the current

diamnnd

up about 10 per cent of tbe pro-

Western Australia tells of steady jeered output, and 75 per cent .® ut 11 has a fighting chance

progress towards ihe first limited of the remainder which is in the with the first contribution from

commercial production from the form of industrial grade its recent U.S. expansion and the

Argyie alluvial diamond deposits, diamond. hope of uninterrupted produc-

SGB GROUP IN

£150.000 DEAL

SGB Group, the international

"'fm'rr/^rSnrfaw tKpfr -rtta* MM .. Gr^Rnw'- thU m* E&S

months' time but it is pointed gem diamonds come into the depend upon Mr Arthur Scargill ™25 e {J- * SKr

out that commencement of com- lower- grade categories and — and a possible improvement 1Q „

Western Australian Government in the “ near gem " area.

approval of mining and market-
ing proposals which have yet io
be’ submitted by the joint
venture.

Allhough the world diamond

in nickel prices.

1882

£000

1981

£000

Turnover

8.000

9.735

Operating profits

1.446

1.260

Royalties

1.139

707

Exploration costs

485

8b

Surplus on exchange

227

t42

Pro fir on sale oF invests.
Profit betora tex and

683

2

to market the diamonds remains and this is envisaged with a f al * of , ' nw8 ?“: 683 2

to be solved. Discussions have projected annual output of Pr ^aordVna% item..... 3010 1842

continued oetween represents- some 20 carats when full pro- Taxation 1.093 892

tives of De Beers' Central Selling duction is reached around Profir after tax and before
Organisation (CSO) and Of the 1985-86. extraordinary Item 1.911 S50

in 1983. together with further

Energy care undertakes cavity
wall insulation in SW England.

contender.

Minerals Trading Corporation CRA (56.S per cent), Ashton Smdend^' 6
of India. Mining (38.2 per cent) and Ed „„

Extraordinary item

62

Attributable

. ... 1.843

950

Dividends

420

327

Retained profits

.. 1.429

823

Earnings per share ...

13.680

7 . 65 p

LOOKERS

Lookers, t

Manchester

NEVILLE/

PENGKALEN

SHARE STAKES

its holding to 2.15m -shares, or
35.8 per cent of the equity.

Lookers had also received
acceptances from the holders of

PENGKALEN j Alpine Soft Drinks— On July shares in issue, 2.72 per cent of 335 875 shares, or 5.6 per cent

v . ... „ . _ , • 6. H. English, director, sold the issued share capital and 0 f the eauitv to its offer hv

Neville Enterprises offer for i 145.000 ordinary shares for 66p 4.0S per cent of the voting Tuesday afternoon. This fi™

Fcngkalen has been declared i wr ihjy thenjftjjr equity. 2ta£l. fhaSdere who^

unconditional and will remain i ™ t £E ested in 1,004.930 ordinary Belhaven Brewery Group — withdrawn their acceptances at

open for acceptance unul July 28. \ 1 Elerfreco^nonents - Clerical. Lookers ' own recommendation.

uuu. ju,v Electrocomponents - Clerical, nun. based 2tt MO ordinare

..r5SsrJ ,, aa"n!s: i ^ ks/tbh Sasw 1

' OOCieiJ now nuius a.uoim ™-i(w nrrfinarv

«39.94 per cent). • ordinary shares. This represents “7 . . _ /' „ , ..

Neville, through an associate. : a holding of oyer 5 per cent Birmld Qualcast-Hol^ng of

Fairford (Investments! was bene- 1 Greenwich Cable Communica- Kuwait Investment Office is
finiJiK lOTonn tions— As at July 5. 1982, reduced to 3.52m shares *5.33

Pengkalen shares ‘ 10 31 pe? 160 000 shares P* r cen *> f ent) from 3.97m <6.02 per

SB?" 'b e ,"ore ,h ?hT osS Z U:i “J

SSHS ^Tncre„lngU, holding S . Aceep.^cM- ..Kl .b ^. p ur-
S25.200 ordinary. lhe “ ppon of 2^5ra

Birmld Qualcast— Holding of 0 r 41.4 per cent of the equity.
Kuwait Investment Office is

reauceu 10 o.ozm snares o.m . ia nnnDr
per cent) from 3.97m (6.02 perl rKOHL

Neville and its a«:soc:3te5 are

Scotland as trustee of Allied Hoskins and Horton— Follow-

The acquisition by Hongkong
and Shanghai Banking Corps of

intprptfprf in sm chnrpc ! Hambro Second Smaller Cora- ing the purchase on July 13 of the international trade finance
1 50 *4 npr r!’m n3res I pany's Fund. Associated News- 20.000 ordinary units, Claxton activities of Toaer Kemsley and

per c.un. 1 p 2 p Prs Group has increased hold- and Garland is interested in MiUboum (Holdings) is not to

| ins by 7.000 shares to 369.500 655.000 ordinary units (24.55 per be referred to the Molopolies

<15.72 per cent). cent).

vJSJSES” J?5 WU T?n«T!Sl Richards (Leicester) - Stain-

xnirf^^oo borough Securities has increased
Investment trust nas sola bo.auO k,. oennn

:r..:ome shares reducing holding !?b g^n nr 5.5i~ 6 ;«?Qi

100.000: Wesleyan and 5'S~00 ordinarj (28.91 per cent).

General Assurance Society has

Properties —

purchased 50.000 income shares Sun Life Assurance Society na>

Nacional Financiera, S. A.

U.S. §1,200.000.000

Medium Term Loan

•r.creasnz boldine to 100.000.
T- ?ie ncldmss, each constitute
5.15 cer cent of the income

acquired 230.000 ordinary shares
making holding 3.35m shares
(24.158 per cent).

RANCOMER *.A

PI RST CHICAGO PAN VW \
LIBRA BANK LIMITED

Lva4 Minacrd bj

ARAB BANKING CORPOR.VTIOS • ABC ■ AR-\B LATIN AMERICAN BANK BANCOMER » C

BANCO HISPANO A.MER1CANO. j.A. THE BANK OF YOKOHAMA. LTD

CHEMICAL BANK INTERNATIONAL GROL'P

COMP AON IE LL XEMBOIRGEDI9E OF. L\ DRESDNER BANK .\.C. FIRST CHICAGO PAN AM A. >. A.

— flRL.'DtTIt HV*h :NTERN.»Tin%\L—

Gl'LF INTERNATIONAL BANK B>.C. LIBRA BANK LI.MITEP

MAM FACTLRB RS HANOVER MERCHANT BANKING GKO IP
MIDLAND BANK INTERNATIONAL THE SAN* A BANK. LI Ml TED

SOClETE GENERALE THE SI MITO.A10 BANK. LIMITED

Cn-Lead Muiafcd by

BANC.ASA7ION.ALE DEL LAVORO BANCO INTERNAdOVALS A. ■ MEXICO' BANCO POPIInR ESP »NOL? »

rOMMERCI AL CREDIT INTERNATIONAL BANKING CORPORATION FIRST IMCKT ATM RANK OF C AUFtlRV %

THE IIOKh A IDOT.AK I >HnKr RANK. LIMITED IRAlNi; TRIM COMPANY LIBYAN ARAR FMRFD.nrvnk

THE NIPPON CREDIT RANK. LTD REPl BLICBANK DALLAS. >A AL— LBAFnROLP

*RAR AFRICAN INTERNADnN AL B.ANMAL BAHRAIN A FLAB AFRICAN BAMCE.C 1 nRST N.iTIONAL BANK OF MINNEAFOI is
THESA1 niNATIO.VALrnMMEKClAL BANK— OBI BAHRAIN THE MITSt I TM rr AND BANKINC. c:> LTT-

THE TAIYO KOBE BANK. LIMITED

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•T-'M. - ITIflv ,1 |„i

Afria* P»n1i

.MANVFACTl KFR5 HANQA'ER LIMITED

1 LONDON

TRADED

OPTIONS

July :*

Total Contracts 1725 Calls

2 533 Puts

393

July

Oct.

Jan

'

Ex'rciae Ctoung

Closing

Vol.

Closing

Vol.

Equity

price

Otter

otter

Offer

close

5P Ci

260

1 1

37

34

9

50

_

264p

BP C:

2 BO

3

30

13

41

20

—

B» c

300

1

—

7

55

12

1

BP pi

260

6

67

12

9

15

12

BP -B

280

18

4

26

5

30

BP -D

300

38 <

—

40

1

43

3

BP 3'

330

68

—

70

1

70

5

CU 'C-

130

IB

—

21

24

1

136p

CU 'c

130

9

3

14

18

CJ Cl

140

3

—

8

1

12 .

_

Csns. Gld <C-

300

80 ;

Z

90 1

95

377p

Cons- Gld ic

330

SO

31

60

65 .

Cons. Gld c>

360

20

20

37

6

43 .

Ceng. Gld

390

7

46

16

32

27

2

Con*. Gld <c:

420

Hr

15

7

10

11

5

Ceng. Gld p

330

Ht

—

8

2

17

Cons. Gld

360

6

IS

• 16

2

1 28

Gilds. -=■

80

1 -z

19

9

20

12

_

78 b

GEC c-

700

330

2

£101.

G£C c-

800

230

1

Z50

270

4

GEC -ci

IOOO

40

—

70 '

5

S3 '

GEC c

1100

4

10

30

58

_

GEC p<

950

2

-

15

3

27

„

GEC a-

1000

10

10

2B

4

45

_

Gr'd Met, >s

220

IS

21

4

27

_

233 d

Gr-fl MeL C

340

2

—

9

15

2

Gr d Met. 0

314

2

4

6

_

8

IGI c-

3 DO

7

7

19

—

30

296p

1 Cl -D-

300

9

31

17

15

21

3

ICI

330

36

51

41

2

• 44

fl

Land Sec. s

260

13

6

24

32

270p

Lard Sec. -c

280

4

--

13

25

22 .

Sf.e'i X;

390

0

54

19

28

1

3S4p

Snell c.

420

2

—

10

50

18

S.^ei! c

460

1

3

3

6 ■

”

Srel' B 1

590

12

—

21

13

24

—

Aug

ust

Nouemuer

February

Barclays c

390

6

17

4

23

Ba'sieys 0

583

17

SO

23

1

35

1

Barclays .B 1

390

2S

28

3

42

i^per;ai -e-

60

39'--

50

_

i irtaer.ai

EO

19':

5

Sli;

_

■ ir-.Deria! <c

90

9.':

46

12'.;

12

17

1— serial -c.

100

Z ; :

139

re

—

10

__

fmtenal ic.

110

—

J’-s

_

51;

5S

Impe-iai 13.

100

Si;

—

Si:

25

6'.;

9

„

C

500

IS .

_

34

14

48

Lairnp g.

330

6 1

05

19

55

34

Lasn-p e-

360

3 ;

10

11

10

22

5

w "

LcnrKe -e

70

16;

26

18 •

19 ■

n

n

w

L3nr*io ci

80

7i :

g

10*-;

4

12'*;

Lcn-no c-

90

3 it

20

6

101

71;

13

Lanrho ip.

SO

2

10

4

6

Lcn»f.o 'pi

90

7

2

8

_

10 •

P & 0 =Sr

140

10 :•

5

I 191;

1

23

1

148p [

Ratal 'c

390

73 ■

4

1 go

_

. 108 ;

4S0p

Racal ci

420

45 ■

25

65

82

__

5asal x

460

14 1

9

1 53 :

16

48 :

"

Racal s

420

3 .

—

13

2

23

—

"

t(TZ c

360

40 '

5

55 ■

_

60 .

3S9p

R7Z s.

390

18

12

32

Z

40

9

RTZ =

420

6I3

3

18

6

' 23

"" fl

PTZ c

460

Hi

—

6

8

S 17

R7Z p

360

4

9

13

■ 17 .

*

R7Z 0

390

13

_

27

10

" 37

M

3TZ p

420

37 .

_

40

5

50

11

Vna; ftfs. -o-

40

7V

26

9

2

11

10

Vail R?s. x

43

3:j

6

5

4

Vaal R.'s. a-

40

V

_

3

11

VaaiRf*. s

45

1

51;

”

Vali Rf». <C

35

»•;

—

12

5

Vaai Rf». pi

6D

14*

5

—

—

>f

C

-Cad

P-

Put

1 1

Commission.

M3TICE OF REDEMPTION
AND TERMINATION OP
-CONVERSION RIGHTS

HITACHI, LTD.

(Kih—hfflJ

6I4X CONVERTIBLE DEBENTURES
DUEHB4
(the *Debcutisza*7

NOTICE IS HKRkui. G1 VEKtiot, par*
snani to Article Four of the Indenture
deled as of October 15, 1969, under which
the Debentures are issued, the Company
has elected to exercise its right to, and
shall, redeem on Assist 3L 1982 (the
“Redemption Date! ail bt its outstanding
Debentures at a redemption price of lOQfe
of the principal amount thereoL In addi-
twu. I be Company will par interest accni-
injj from April 1. 1982 through the Ee-
demption'Daie.

Th e redemption price wiD become due
and payable on the Redemption Dale and.
upon presentation and surrender of the
Debentures (together with ah coupons
appertaining thereto maturing after Au-
gust .11, 1988). wifi ha paid on or after
the Redemption Date at tbe office of any
«rf the foflowTng Paying Agents: Citibank
XA at its corporate trust office in New
York City and at its main offices in Lon-
don. Brussels. Paris, Frankfurt, Amster-
dam and MDan and Banqoe Internatiorafo
a Luxembourg at its m-iin offise in I cokss-
^ourrr- On and after tbe Redemption Date
interest on the Debentures wul cease to
acme.

CONVERSIO N OP
DraENTURES INTO
COMMON STOCK

Tne D ebe n ture holders’ attention is
called to the fact that in accordance with
the lermaand provisoes of the Indenture
they may convert ther Debentures into
shares « Common Stock of the Company
and rvccive Bearer Depositary Receipts
(cv-ideccing Depositary Share, each of
«rhi'.-h represent* 80 shares <rf such Gam-
mon £todk) oral their option may receive,
m lici of Bearer Depositary Reoopts,
the snares n{ Common Stock at the con-
version prire i with Debmtures taken at
their principal amount translated into
•fnnantA# yen at the rate at Yen 360 equal
l i-.ili of Yen 191.10 per share o( Com-
mon Stuck. Each Deben tnrv’holdpr who

wishes to convert his Debentures should
deposit his* Debentures, together with afl
unmolurcd coupons, with any of the Con-
version Agents being the same as the
Paying Agents specified above, secom-
paniedrhj- a written aotire to convert, (the
lore of which notice is available from
any of the Conversion Agents). SUCH
CONVERSION RIGHTS WILL TERMI-
NATE AS TO ALL DEBENTURES AT
THE CLOSE OF BUSINESS ON AU-
GCST 28. 1982, LONDONTIME.

For the information of the Debentere-
bolders. the reported dosing pdcca ot
the shares of Common Stock of tbe Cost
pany on theTd^o Shock Exchangodams:
the period from May 1, 1983 to June 3£
1982 ranged from a high of Yen 699 to
alou- of \cn 603 per share. The reported
dosing prfcu of such shares on tbe Tokyo
Stock Exchange on Jnoft 30, 1982 ws*
Yen 612 per share.

HITACHI, LTD.
By=TheBanko(Tdcfo
Trnst Company '
& Trustee ■'
Dated: July 15, 1382 .

Berisford meets
EEC Commission

HIT BY low metal prise* and Canadian Copper Refiners and “ Capital spending will remain Mariey, through its wholly-

a recession tn its Industrial Canadian Electrolytic Zinc high in 1982 due to the need to Q^ed U.S. subsidiary Mariey

products and pulp and paper worsened an already bad sltua- complete capital projects begun p^dcs (USA) .has acquired
operations. Canada's giant t inn Fabricatine operations ^fier, but will be substantially Plastic . Products, 1 a

Noranda Mines reports an . ' __ nrillrW i in™ reduced in subsequent years. pr tvately • owned eompaiiw

increased second-quarter loss a ! so . P ro “ Uc ®“ , a 0351 Projections indicate that Noranda engaged in manufacture and sale

of CS57.1m (£25. 9m), equal to aluminium markets severely will emerge from 1982 in a satis- 0 f plastic goods.

cl* ' ..... - - 1 .- rfflnrpcwi anri markets f nr win> ^vaMIHati n .

BY RAY MAUGHAN

THE COMMODITY . trading
group, S. and W. Berisford, met
members of the European Com'
mission yesterday evening In as
attempt to clarify tbe position
regarding the competitidn
directorate’s consent to . Beris-
ford’s £282m - cadi bid for
British Sugar Corporation.

Berisford later, announced that
the reports that it bad been
warned by the Commission that
the Commission was reconsider-
ing its position on the hid and
did not -'wish Berisford to pro-
ceed without the Commission’s
consent, and that Berisford
disregarded that warning, were
Inaccurate. “The Coznmisskm
today agreed with. Berisford. that
this is so,” Berisford added.

/ The statement added that
M Commission officials have made
clear to Berisford that until the
Commisison itself finally defines
its position about Berisford^ bid.
the Commission’s position is
reserved and toat if Bei^sford
took any action in the mean-
time, it should, do so in the
knowledge of that fact”

In a letter delivered on -Tues-
day fay band to Mr O. De Vos,
bead of the corporate' combina-
tions' and steel division of the
competition directorate, Beris-
ford said that, “ it very much
regretted if the Commission is
aggrieved that Berisford did not
give advance notice of the condi-
tional agreement for. the pur-
-chase of the shares In British
Sugar held by Ranks Hovis
McDougaJL”

The commodity . group
stressed that “ at the* meeting
with the Commission's services
held on - April 27, Berisford
stated quite specifically that k
| must reserve the right, in the
interests of its' shareholders-, to
take action to consolidate con-
trol of British Sogar if the
opportunity arose.

“Berisford did not think it
right that Berisford could
effectively be prevented, for an
indefinite period, tram taking ;
any action whatsoever while
British Sugar remained free, as
a result of having filed a much
delayed and - (as Berisford
believes) unfounded complainL”

Another hand-delivered letter

to Mr De Vos yesterday acknow-
ledged that another member of
the competition directorate. Mr
T towifH , had indicated to Beris-
ford “ that he or the commis-
sion's services bad been
surprised and upset that Beris-
ford had taken the step without
advising the commission in
advance."

“ Having regard to the history
of the matter," Berisford went
on, “we were very surprised by
that reaction on Mr Beninl’s
part" The commodity trader
emphasised that even since the
conditional agreement with RHM
was ^announced last Friday the
Commission had not given any
warning about proceeding with-
out its consent.

For its part, representatives of
British Sugar met members of
the directorate on Monday to
discuss new evidence produced
fay the- beet processor and a
third party' which British Sugar
hopes will persuade the commis-
sion to force Berisford to divest
a large part of its existing 40.02
per cent stake.

In the meantime, British Sugar
has- began a series of meetings
with the Takeover Panel object-
ing to tile mann er in which the
conditional agreement for Uie
purchase of a 10.5 per cent hold-
ing from RHM stands to give
Berisford majority control.
British Sugar expects that its
inquiries on one or two points
will “ crystallise " by the end of
the week but, by that point,
Berisford expects to have
despatched its formal offer of
470p cash per share and an
equity, alternative.

SOTHEBY DISPOSAL

The Earl of Westmorland,
director of Sotheby Park Bernet,
the auctioneer, sold 20,000
shares in the group on July 12,
leaving his holding at 130,000
shares. MrP. J. Spira, Sotheby's
finance director, sold 2,000
shares, leaving his holding at
14,000 shares.

Sotheby's is planning to dis-
pose of one of its salerooms
in Chester, and not two, as
stated in yesterday’s paper.

EUROPEAN OPTIONS EXCHANGE

' | • . Aug,- - } Nov. 1 ! Feb. - ■

GOLD C • SSOOj
GOLD C SS35
GOLD C -S350
GOLD C *576
GOLD C • *4 DO ,

GOLD C - I486
GOLD P *300
GOLD P *386
GOLD P - *350
GOLD P 1376
1894 NLB1 87-91
O F.118.60 1
• - P . F-HOI
P F.11B.MI
10** NL 80 86-85
0 F.87.SO]

11 U NL 82 88-92

C F.IOOI

C F.108.50|
10 NL 83 86-89

C F.IOOJ

ABN C
ABN P
AKZO G
AKZOC
AKZO P
AMRO P
KODA C
HEIN C
HEIN C
HEIN C
HOOG C
HOOG C
IBM C
IBM C
IBM P

KLM C
KLM C
KLM C
KLM C
KLM C
KLM P
KLM P
NEDL C
NEDL C
NEDL P
NEDL P
NATN C
NATN C
NATN O

PHIL C
PHIL C
PHIL C
PHIL C
PHIL P
RD C
RD C
RD C
RD P
RD P
RD P .
UNIL G
UNIL C.
UNIL P

F.S8g
*380
FA8J50
F.86
F.B5
F.49
580
F.35
F.6tf
FD6
F.13
. F.17JSg

FJKH —
FJO! 40
-F.lOO
F.UQi -
F.120L -

F.90| 73

F.IOOI - 40
F.110 13-

p.iao! —

F.llO' 15
.F.iao, 1

F.103- -
F.llO* —
F.1I5, 80

FD0[ . 6.
F22.50 269

FM\ -
F.27.50 -

F.22.50 -

FDOl -
FDOi - 1

F.IOG —
FJBO —
FJBOi 88
F.lOO;

F.140; 8

F.150| —

.. F.13D r -

. Aug.-
Vol. ( Last

166 8DO Aj
142 . ■ I [

15 . 1 .

18 1.60
83 3.60 1

43 ■ 11B|

S 27 B:

10. j 0.50

T.l IDO
- I- ~ I

175 j 0.70 [

— - I - f
July

6 .1^0

*1 1J0

"a 0.80

VoL

| Last

; voi.

! *-«* i

. —j -

. ■ i

82 A

28

61 A

3

61 J

- 93

. 34

13

46 1

no.

la Leo

_ I

BT

ma

— 1

185

. A.

6

7

41

10

40

13 8

SB

17

15

' 32 B

- 1

20

- .

— !*

26

1 1.60

I

70

I 5.BO

-

- 'IF

_

1 “

6 1

3,80 iF

—

1 - i

. 7 |

8.60 1

—

- I

10 ;

wo ;f

Oct

a I 7,50

1 j 10.50

*5 I 130
SO 1.30

A U.OU i.av — t —

— ^ 8 1.80 A 1 ! 8.10

10 4 ■ B ’ — - — I -

- — 10 8 — —

10 11330

7 » .7

8 3.80
10 1.60

ID j 7.50
. 3 2.80

ZO j 2MO

~2 ! -'ia

5 j 7J50

100 | 0.60

3 i 0.70
114 j 7.80
169 1 ■ 2

6 0.40

68 1.90

Jan.

5 j 10 |F.B 01

- j ” ;'Fja 4 l 30
16 ! 1.70

1 ! 8.1D A F.47iS0
1 : 36*: S75lg

- ! - F.59

a j i.ao ; "

- : — F. 15,90

8 I 1j40

8 j 7 S64A

I . ill.. B

I — F.89,70
I - I „

) 6-30 - 1

- : - ;F.112.B0

! 3.70 FJHJ20

* ' n

• o.so ; ::

- F.B3I30

■ f:lo ! ::

^ :
,18.50 ; ,.

— iF.147.B0

5 - .,

; 6 :

TOTAL VOLUME IN CONTRACTS 3830

A=Aaked 8= Hid O=Ca0

r i^

State Bank of India

State Bank of India announces
that its base rate
is reduced from
12^% to 12% pa:- annum
with effect from
14th July 1982

- The.rate cf interest payable
on oidinary -deposits.

. is reduced from

.-9j%tp9%per^um

Main Office inthisiUX /

State Bank Hous^ i Milk Street, LbndbiijC2

■

Financial Times Thursday July 15 19S2

Companies and Markets

‘25

INTERNATIONAL COMPANIES and FINANCE

LvAnr nmfitc 0% I FBI looks I Sumitnnu

CPC hoists half-year profits 9 %

BY TERRY BYLAND IN NEW YORK

THE i-trcagthenins of ihe U.S.
dollar against European and
Lalin American currencies has
reduced lhe value of second
quarter ales ai CPC Inter-
national. the corn refiner and
manufacturer of such branded
foods as Knorr soups and Hell*
mann's mayonnaise.

But earnings rose iiv 9.3 per
cent to $9S.2m or S2.Q4 per

rise in profits for the full year,
although at a slower rate than
in 1981. Last year, earnings
telalled S218.4m or 84.57 a
share.

fluctuations. Sales for the half
year are down from S2.2bn to
S2.1bn.

The board said it had treated
the gains achieved by swapping

share al the end of the first six executive, attributed the fall in

Sales dipped from $1.1 bn to shares for bonds as earnings,
Slbn in the second quarter but taking in $6m.
profits edged from 551.2m or Mr McKee said that CPC
81.07 per eshare to S57m or managed to reduce its interest
31.18 per share. Mr Janies W. charges by 29 per cent in the
McKee, chairman and chief second quarter. He ascribed the

months of 19S2, from $S9.Sm or
Sl.SS per share.

sales in the second quarter to
moderately tower selling prices

The board expects a further in Ihe U.S., as well as currency

strengthening of earnings in a
recessionary period to the
group's product mix and geo-
graphical spread.

Stress was being placed upon
asset management with the aim
of cutting interest charges
again. Capital expenditures
would be held down to about
S230m this year instead of the
original estimate of 5280m.

In Europe, profits are re-
covering from the setback
suffered in 19S0 and the U.S.
branded grocery business con-
tinues to do well. Analysts have
predicted a strong second half
and earnings forecasts of $245m
have been mooted.

Sohio files
for $500m
shelf issue

Mixed results for paper groups

By Our New York Staff _

. r-n. » tvttv a T>n - , u Howard Pa per turning in higher cent and earnings dipped from company's 2.7m acres of forest

STANDARD OIL of Ohm. the profits for the second quarter $27.im to 519.2m. land. Also, although Lhe group

u.s. ou group whicn is j^per but Great Northern Nekoosa The first half benefited from has been obliged to cut capital
cent owned by British suffering a further setback over an unqualified investment tax spending in some areas of its
Petroleum, yesterday filed a the same period. credit on the S540m Leaf River business, it has pushed ahead

.v regl 7 S T t £ atl 2 n statement Mr Robert Hellendale, presi- pulp mill project, said the direc- with plans to make itself seif-

BY OUR NEW YORK 5TAFF

MIXED RESULTS come from $726.1m. But in the second
the paper industry with Fort quarter, sales fell by 7.2 per

cent owned by British
Petroleum, yesterday filed a
shelf registration statement
with the U.S. Securities and
Exchange Commission covering
up to S5G0m of new debt
securities.

Under the SEC's controver-
sial new Rule 415. better known
as the “shelf rule,” a company
can file a statement to sell a
given amount of securities at
any time during the next two
years without further
formalities.

Sohio is the latest major cor-
poration to take advantage of
the rule. Among the oil majors.
Exxon led the way in making a
shelf registration for 5500m of
securities.

Sohio said last night the
securities would be sold in one
or more offerings and terms of
each series would be deter-
mined at the time of offering.
It would use the proceeds for
capital expenditures, retirement
of short-term debt or other
general corporate purposes.

Like other major oil com-
panies. Sohio. which acquired
Kennecott Corporation for
31.77bn last year, is contemplat-
ing returning to the debt
market.

© Caterpillar Tractor, the
world's largest manufacturer of
earth moving and construction
equipment, has filed with the
Securities and Exchange Com-
mission a shelf registration for
up to $250m of debt, Reuter re-
ports from Peoria. Part of the
proceeds are to be used to re-
duce short-term debt incurred
to finance the acquisition of the
Solar Turbines International
division from International
Harvester for 9505m in cash.
Funds also will be used to re-
tire other short-term debt pre-
viously needed for working
capital and for capital expendi-
tures, and to cover a SlOQra
bond issue which matures this
November.

$726.1m. But in the second the underpinning provided for
quarter, sales fell by 7.2 per the shares by the value of the
cent and earnings dipped from company's 2.7m acres of forest
$27. lm to 519.2m. land. Also, although Lhe group

The first half benefited from has been obliged to cut capital
an unqualified investment tax spending in some areas of its
credit on the 3540m Leaf River business, it has pushed ahead

dent of Nekoosa. said the reces- tors.

sion was continuing to affect the
company, as well as the whole of
the paper industry. Shipments

The downturn in sales is- par-
ticularly bad news for Nekoosa
which managed to keep sales

sufficent in energy, a
within sight.

joai now

Fort Howard Paper raean-

C's controver- of container board and pulp moving up at the beg inni ng oE while has increased earnings i

. hetter known' were down nearly 13 percent in this year, although profits were from $39.7m to $44.2 in or from j

e,” a company the second quarter and an addi- already under pressure as the S1.45 to $1.63 a share in the i

lent to sell a tional problem had been the industry struggled to cut prices opening six months cf the year I

widespread weakness in prices.
For the first half of the year,
Nekoosa has earned S41.2m or

at a time when costs were ris- on sales up. from 9225.7m to

sharply.

S256.7m.

quarter

$2.54 a share against $4 8.3m or the industry, Nekoosa

But despite the problems of brought in 522.4m or S3 cents

againsr $19.9m

S2.97 a year ago. Sales have remained in favour with some 74 cents a year ago cm sales of
dropped by 3.5 per cent to Waii Street analysts because of S136.4m against 5116.1m.

MGM/UA restructures credit

CULVER CITY. CALI- Artists from Trans-America far
FORNTA — MGMAJA Enter- $380m in July last year.

tainment said it had received
commitments for a restructured
bank credit of S525m.

Mr Frank Rothman, MGM/
UA chairman, also said the com-
pany should have a solidly

The restructured credit would
bear interest at one half a point
over the prime rate, and would
be used for general corporate
purposes and film production.

MGM/UA announced a third

profitable fourth quarter, end- quarter loss of 54.4m, or 9 cents

ing August 31-
MGM-UA. which changed its
name from Metro-Goldwyn-

a share, compared with profits
last year of 53.45m or 10 cents.
In the fourth quarter last

Bankers Trust. Bank of New I
York. Manufacturers Hanover. !
Mellon Bank and Marine Mid- ;
land Bank. !

Mr Rothman said the com- 1
pany was moving steadily •
towards its goal of reducing j
outstanding debt. '

He attributed the expected I
fourth quarter profit, in part, j
to the box office success of its I
two most recent film releases.

Mayer Film in April, said the year, MGM/UA earned about Rocky III and Poltergeist.

new credit would replace exist- $l0.am or 30 cents a share.

The two movies had grossed

ing and separate MGM and MGM/UA said finalisation of more than Sl20m to date in

United Artists credit lines. the loan commitments was the U.S., and hi

At the end of February, the subject to appropriate docu- successful in forei
combined revolving credit mentation which was now in Domestic syndic;
lines of MGM and United progress. from Chips, the te

Artists totalled $3l2.S6m, and The loan commitments were would total abo
unused lines amounted to 537m. arranged with a consortium of which 80 per ce
Long-term debt stood at banks led by Bank of America reported in this
5539.85m. MGM acquired United and including Chemical Bank, quarter. Reuter

tbe loan commitments was
subject to appropriate docu-
mentation which was now in
progress.

the U.S., and had also been
successful in foreign markets.

Domestic syndication revenues
from Chips, the television series

The loan commitments were would total about S53ra. of
arranged with a consortium of which 80 per cent would be
banks led by Bank of America reported in this vear's fourth

Special factors maintain strong growth
Westinghouse profits \ atBaxter

BY TERRY BYLAND IN NEW YORK i Travenol

THE RECESSION in world Westinghouse stepped up its 1 By Our New York Staff
industry is beginning to bite at commitment to cable television •

Westinghouse Electric, the elec- last August, when it paid 5646m . BAXTER TRA\ ENGL. the
irical equipment makers, but for Teleprompter, a deal which medical products group which
special factors have held net shaved 32 cents off 1981 profits. . has a commanding position in

Lower first half
for Time Inc

BY TERRY BYLAND IN NEW YORK

RECESSION

Westinghouse stepped up its

By Our Financial Staff Higher sales in the broadcast-

A DOWNTURN in its magazine, Jg 5

book publishing and forest pro-

duet nneratinns h.-,« Tim,, offset the weakening demand for

duct operations has left Time
Inc v.-iih slightly lower first half
earnings.

Second quarter profits of

profits steady. It has allotted more than 35 per [ v? e V-S- market for kidney ,

Higher sales in the broadcast- ceptof this year’s capital budget \ dialysis machines, has continued .
ing and cable television unit in to cable upgrading and j to forge ahead strongly,
the first half have helped to expansion. : Earnings for the six months '

offset the weakening demand for However, with the bulk of , are 23 per cent up from 968.8m
the group's power systems and revenues — S6.4bn out of S9.4bn j or 98 cents a share to SS4.4ai •
industrial products, said the last year — still coming from . or 91.39 a ?hare. which com- ;

Earnings for the six months '
are 23 per cent up from 868.8m
or 98 cents a share to SS4.4ax •
or 91.39 a share, which com- ;

Net earnings for the half products, there can be

power systems and industrial ■ fortably outstrips analysis' fere-

^Ao.° r ce Jl ls a share against stand at S234.8m, or 82.72 a recovery in the short term until
.77* or left fi rst share, compared with $230.3m, the recession shows signs of

half figures at 8i4.<lxn or SI. IS or 82.69, on revenues of S4.Slbn. abating.

a share compared with 976.04m ■ against S4.56bn. However. last Last vear's net earning o:
or SI. 25. Second quarter ! year’s first halt took in a 17 S43Sm on sales of S9.37bn were
revenues were S906.om against cen:s gain on a disposal in a record. Mr Robert Kirby.
$84 1.6m bringing first naif , Europe. chairman, has described the

rC 'w" 1 ci C -''K 0 SL,1 ‘ >n com P ared i The second quarter brought Teleprompter purchase as “the
v;itn bl.oinn. : y $ $110.4m or $1.28 a share, most important acquisition :r.

Last year's figures included i against Sill. 3m or 51-31 a share, our history, requiring a signi-
losses of S2.7m in lhe second ! This year's period includes ficant use of funds.” However,
quarter and S16.6m in the first i S32.6m from the sale of tax he also stressed that the corn-
half from discontinued opera - 1 benefits. Revenue edged up pany's balance sheet remains
uons. ’ from 52.3Sbn tn $2.47bn. strong.

NORTH AMERICAN QUARTERLY RESULTS

casts for ihe full year. Sales
climbed from S727.7m to
SS94.9m. In fiscal 3981 Baxter
Travenol. which has grown
rapidity throughout the pa.?‘.
decade, turned in record earn-
ings of S15(J.8ni or $2.io .:
share.

Baxter maintained •.;> pac-: of
growth .n the second quarvr
with c 24 per cent gain in ear r : -
inas. from 935.2m to $43.$rr: —
or fnm 5t‘ to 62 cent? a bi’.arc
— and or 1! per eer: r:-c in
sale; from 53S0n*. to $423. Lm.

| Square’s
| losses .

3y David Lascelles in New York

THE Federal Bureau of
Investigation is looking into
last week's collapse of Penn
Square Bank, which has
brought losses amounting to
several hundred million
dollars to other banks and
depositors.

An FBI official In
Oklahoma City, where Penn
•Square bad iLs offices, said
j yesterday that criminal allega-
j tions bad been made “and we
J are looking into them.”

I He would not say what tbe
1 allegations were or wbo bad
j made them. But he said that
' the FBI is required to investi-
gate allegations of fraud in
| cases involving bank deposits
( which are insured by the
Federal Deposit Insurance
i Corporation. Tbe FDIC. a
government agency, insures
deposits of up to S1QO.OOO.
However, many depositors at
Penn Square had consider-
ably more tban this in their
accounts.

Separately. Continental
Illinois, the large Chicago
bank which bore the brant
! oF the collapse, confirmed
I yesterday that its executive
responsible for energy loans
in the Oklahoma region had
been placed on “special
assignment”

The hank said Mr John
Lytle “will be making hira-
i self available to bank man-
j agers and bank examiners to
I answer questions relating to
| Penn Square." Mr Lytle. 47.

I has been with the bank 23
! years.

j Penn Square collapsed after
i many of its loans to small
l and medium-sized oil and gas
! companies went bad because
i of the softening of the oil
price. Continental Illinois had
| participated in about Slbn of
! these loans, and has said that
j the failure wilt cancel any
profits it expected to make in
the second quarter of this
year. Analysts estimate its
‘losses at at least 8120m.

Japex confirms
interest in
Dome- assets

By Robert Gibbens In Montreal

JAPES. CANADA , the sub-
sidiary of the Government-
controlled Japan Exploration
company, has confirmed that
it has examined details of oil
and gas properties outside
Canada put up for sale by
Dome Petroleum.

Japes is believed to he
interesied in Dome's Indo-
nesian oil and gas assets, but
said in Calgary that no
decision has yet been made.

Other Japanese interests
arc also believed to be
examining Dome’s inter- .
national properties. National
Oil Company of Japan may be
among these. Dome borrowed
CylG'Jm fUSS 320m) from
National Oil of Japan in 1980
to help finance exploration
work in the Beaufort Sea.

Canada Trust
lifts earnings

3y Out Montreal Correspondent

CANADA TRUST Mortgage j
Corporation. Canada's second ;
largest trust company, reports |
second quarter earnings of j
C$7.3ni (v.S.5fiJ2m) or 65 ;
cents a shire compared with )
C87.4m or 73 cents a share :
in I9SI. First-half earnings j
were C$14>ra or C$1.09 a j
share, against CS14.7m or J

Sumitomo Bank launches
$50m Eurobond at I5i%

BY ALAN FRIEDMAN

SUMITOMO BANK is today

launching a $50m 154 per cent debt Sumitomo will effectively
seven-year- Eurodollar bond, pay at the rate of the. London

becoming the first of a group of interbanwk offered rate (Labor).

a block bl boating rate bank - Elsewhere in the Eurodollar
debt Sumitomo will effectively bond market, there was wry
pay at the rate of the. London light trading. Prices were

four banks authorised last week
by the Ministry of Finance to
issue such 'paper.

Paribas, in turn, will pay .the
151 - per cent coupon on the
Sumitomo . bond, plus front-end

The issue, which has been fees'and some interest. Paribas's

hotly fought for by several
Euromarket houses, will be lead-
man aged by Sumitomo -Finance
International in London and

total cost should .be between bank names are
15 | and 16 per cent show tittle sig

Mexico's record 18f per cent- major recovery,
5100m. bond is expected.to.be - “ ^est Geri

marked' i point lower on the
day. It was clear yesterday that
the mini-rally of last Friday
and this past Monday had dis-
appeared- North American
bank names are still cheap and
show tittle sign of taging a

Paribas in Paris: The borrowing priced today as indicated at
will he achieved under ihe name par. Merrill Lynch said last
of Sumitomo Finance. Asia, the night it planned to increase the
bank's subsidiary. size' of the issue to either

The Sumi to mo'deal is believed 5125m or .5150m. The Mexican
to involve an interest-rate swop Government paper was y ester-

similar to the one engineered day quoted at a bid price of
earlier this week for Creditan- around 98?.

stalt Bahkverein. Under the
proposal, S umi tomo will take
over from Paribas, the counter-
party as well as a lead-manager.

00m bond is expected . to be. - ^ West Germany, the Euro
■teed today as indicated at Mark bond sector saw prices
ir. Merrill Lynch said last fall by i to i point on average
ght it planned to increase the light turnover^ The new
:e of the issue to either DM 200m World Bank 91 per
25nj or ,5150m. The Mexican cent issue was quoted last nignt
jvfrument paper was yester- at a discount of S per cent
ly quoted at a bid price of In Zurich, dealers reported
ound 98f. ■■ moderate trading and un-

At this price the Mexican changed prices. The six-month
bonds yield 19.26 per cent, a Euro-Swiss franc deposit rate
spread. of more than 400 basis dropped ft per cent to 5ft per
points over Libor. cent.

Central Bank of Finland M ead plunges
renegotiates credit facility

BY PETBt MONTAGNON, EUROMARKETS COREE5PpNDB*FT ' 8y Our New York Staff

THE CENTRAL BANK of Fin- Funds wfli be made available MEAD, the forest products corn-
land is again renegotiating its at a margin of | per cent over pany, has plunged into the red

$600m standby credit facility' U.S. prime- rate compared with
with North American banks to J per cent previously but this
achieve more favourable condi- margin will.rise. to i per cent if

lions.

Tnt^lafi , nnai Banl and f ^Mnrtran Alternatively lenders may
International and Morgan con tribute funds at a margin of

^ to ho in 80 basis points over the

intended to assist the bank in Rusted rate for U.S. ceftifr
ma^ng its extern^ liquidity, c £ es of deposit< rlslng t0 gg

^ 1 b , ear J 2* °? points if the credit is extended.

the credit is extended.

in the second quarter, a fate
from which it was only saved in
the first three months by special
gains on tax benefits sales. The
directors expect “limited im-
provement” in its major markets
during the balance of the year,
but made no forecast of earn-
ings yesterday.

For the whole of fiscal 1981

ticular-ly fashionable flavour 6106.9m or $4 a share on sales
insofar as Eurodollar-based of $2.9bn.
lending has- became much less a net loss of $lm or 4 cents
popular in the -Eurocredit mar- a ‘share in the. second quarter,
ket recently. , neatn^t a of £3Ri)m nr

only i per cent instead of the rj«b e £fedii thus bears a par- Mead, of Dayton, Ohio, earned
i per cent set when it was last fashionable flavour $106.9m or 54 a share on sales

renegotiatwl m iaso ]nsofar as Eurodollar-based of $2.9bn.

diSngs^ti^ ciSRre akS lend5 ? g has become much less a net loss of $lm or 4 cents
b5S»d£d biltiren?gotia“ %*'*”'*£* mar ‘ a share in the. second quarter,
lion, the credit has become e 1 « enu y- • against a profit of $36.9m or

more complex and the tradi- Bankers yesterday stressed $1-34 a share, followed a slip in
tionai tranche priced at a mar- the standby nature of the opera- sales from $755.5m to 8703.7m.
gin over Eurodollar rates has tion. If Finland actually needed. For the first half of the year,
been dropped altogether. to draw on the credit: it would Mead now shows earnings of

Instead of its previous eight most likely -happen at a time 512.8m. or 47 cents a share corn-
year maturity, the credit will when international markets pared with $66.9m or $2.49 a
bear a life of five years, extend- were in turmoil, and. U.S. share a year ago. Half-year
able' for a further three at the domestic funding is considered sales were down from $1.43bn
lenders’ option. more^ecure. _■ tq $l.39bn.„- . . ..

Ket recently. . against a profit of $36.9m or

Bankers yesterday stressed 5L34 a share, followed a_slip in
the standby nature of the opera- sales from $755.5m to 9703.7m.

been dropped altogether.

Instead of its previous eight
year maturity, the credit will

FT INTERNATIONAL BOND SERVICE

The list shows the 200 latest international bond’ issues far which an adequate secondary market
exists. For. farther details of these or other bonds see the complete list of Eurobood prices which

slmre. a^ainsf CSH.7m
€51.47 a share previously.

will be published next on Wednesday August 18.

U.S. DOLLAR Change on

STRAIGHTS Issued Bid Offtr day wtak Yield

Aetna Lila IS 86/97 ... ISO 1(0», IQS 1 . — (H, -M* 13.8t
Amax Int. Fin. 16*, 92 75 S7 1 . 97» 4 +0»x 16-73

Ame.r O/S Fin. Uh 83 75 3V, 3V, -O 3 * + CP, 15.54

ATT IV, S3 MO 103*1 103* -tH, +1* 13-41

Balter Int. Fin. 0.0 92 225 29* aft -Ofc -V, 15.0*

BHP Finance 14>, B9 ... 150 9S\ B 6 »« -V, -HH, 15 XI

Bi-. Amur. NT SA 12 87 200 W s 51 -0», +0* 14.80

Bk. Montreal T4«i 87 ... 100 S3'. 94V -0»i trl*. 1*30

Bque. Indo Suez 15 89 100 9S* 96\ -0*. +1 15.97

Br.r.Bh Col. Hyd. m 89 200 97*. 97*. -0 1 , +«. 15.30 .

Burroughs Int. 151. 88 SO 99*. 100\ -(ft -fO*, 15.05

Canada 14* 87 750 97* SB - 0 * -HP. 15.03

Canadair 15* 87 .. .. 150 99* 100* -0* +0* 15.38

1 Canadian Pac. 14\ 92 75 94^ 94*, -OH +OH 15.71

Carolina Power 16H 89 GO 101 «, 101\ -V, +V, 16.07

CIBC 16 87 1W> S7>» 97V— 0 s . — 2>» 1t68

Citicorp O/S 15 84/92 100 99* 100«,.-0>, -0*k 14.95

Citicorp 0/S 15h 85/97 126 100 lOd, -CP, -HP, 15.25

CNA 15 7 . 97 75 98* S&V-OYfl 16-M

Con. Illinois 15V 89 ... 100 97\ SBV -OV -2V 16 J3

Duka Pwr. O/S 15 1 : 89 60 9SV 96V -0V +1V 16.47

Dupont O.'S Cao 0.090 300 34V 3SV — OV +0>, 14*2

EC5C 1*V 87 (April) ... 80 96V 97V -OV +OV 16.69

EIB 15*- 89 150 99 . 99V !-0V-4-0V 16.63, . :

Ekaportrmans 14V 89 ... SO SflV MV —OV +1V 15.32

Gen Elec. Cred.l 0.0 92 400 27V 28V -OV +0V V«5

Gen. Elac. Credit 0.0 93 400 23V 2*V -OV +04 14.42

Gattv Oil Int. 14 89 ... 125 97V 98V +0V +1V 14^1

GM AC O/S Fin. 16 B 8 150 101 101V — OV +CV 1637

GMAC O/S 15V 85/97 100 8 SV 9BV -O’. +OV 15.62
GMAC O/S Fin. 15 89 125 97V 97V -OV +1V 15.®

GMAC O/S Fin. 15 87 100 99V 99V -OV -MV15-07

Gull Canada Ltd 14V 92 WO 96V 96V -OV +1 16-50

Gull Oil 14V 94 175 97V 90 ~®V +OV 14.63

Gall Oil Fin. 00 92 .. 300 27 27V -OV +0V 14.45 -

Gull States O/S 16 90 60 t94V »V -OV -OV 17.19 -

Int- Am. Dv. B*. 15V 87 55 97V 9T 7 * -O’. +1V 1^73

) Jjcan Dev. Bk. l*V 87 50 171V 1°2V -OV +OV 14.19

| Maw Brunswick 16V 89 75 101 V 102 -0V +1V«.74

1 Ort.-riD Hydro 14V 89... 150 977 , gy, -0». +1 15.17

J Pac Gas & El 13V S9 45 inov 101 V -OV +1V 15.23

Pb.ir.po Petrol 14 39 ... 200 96 98V -OV +1V 1438

1 B. J Syrldv O/S 0 Q 92 400 29V 27V -OV +QV 14.62

' Saskatchewan 16 89 ... IS 101V 102 -OV +1 19.59
Shed Canada 14V 52 .. 125 95V » -0*. +0V 15.21

i Soair 15V 87 100 96V 98V -OV -OV 18.11 *

i Suporioi O/S Fin. 14 33 125 94V 35V 0 +1 1SJO

< Swod. Exp. Cr. 15V 89 100 9T, S 8 V -OV +OV 15.73

I Swed. Exp. Cr. UV » 100 93V 94 ■ -OV +0V .16.18

! Swed. Exp. Cr 0.0 94 200 19 1 , 19V -OV *“0V 15.12

1 Teras Eastern 15V 89... 60 100V 1CBV -OV -OV 15.80

, Union Carbide 14V 89 150 98V 99V -OV + 1 V 74.9R

; Wells Fargo I. F. 15 87 75 98V 98V -OV -HP, 15.44 ■

1 World Bank 14V 87 ... 500 98», 98V -OV +1V 1SJ8

Wor>d Bank. 15V 88 2SO 99V 99V -OV +H, 15/32

Closing prices on July 14
Change on

OTHSI STRAIGHTS Issued Rid Offer day week Yield
Bell Canada IS 89 CS... 100 «7 97V -OV +0V 16 65

Can. Pac. S. 16V 89 CS 50 t98 98V +0>« +1 16 77

Cnt. Fonder 17V 89 CS 30 t98V 89 0 -OV 17 ^

olm 'STmi * “ S IS* * + 0 V +ovJ?5

UKB 16V B 8 CS 63 +97V 97 V O 4 -ni. u «

n" l 6 ^ 89 ,!? 4 ^ 50 t99 99V 0 -OV 16.65

Quebec Prov. 16V 89 CS 50 t93V 9»V 0 -OVlfiw

U. Bk.Nwy.9V 90 EUA 18 K 0 +0v5b

Amro Bank 10 87 FI ... 150 100V 100V +0V +1V 9 sa

“«• * H. 10 87 FI 75 98 96V -OV iq" 1

Eurofima 10», ffl FI 50 10 OV 100V — OV +0V 10.40

Ireland 10V 87. FI 75 98V 38V — OV -IT?? in <h

Phil. Lamps 1(W» 87 FI... 100 iflOV 101V — OV +1 9 9&

World Bank 10 87 FI ... 150 ffl 98V -OV +0». 1046

+0V +OV 16.M

Sulvay at C. -14V flpffr- 200 92 V 93V +QV + 0 V 17J59

SSTS 87^ 90 c tDJ “ s* B » +S S5

muFklfrff f *— ■ - * ■ 99V 90V —OV +0V 14.60

I* O +0V 14.51

CECA 13V 83 E 20 951 , 96V -V- + 0 3 * 14.531

Fin. Cred. 13V .86 C 15 . 97V 98V 0 - +0«, 14.50
Gen. Elec. Co. 12V 89 .£ 50 94V 96 V -qj, +1 i* 13 ^

Hiram Walker 14V 86 £ 25 98? W? 0 +ro! ™ *

Norek Hjifro.. Ife W C: 30 S?. tR-Stf+SSS

Prrvatbankpn 14V W £ 12 56V 97V +0V +1V 15.20

Quebec 15V 87 £ 35 1QZV 103 — 0»« +0V 14 63

Read (Nd) NV 16V 89 E 25- JOB 108 + 0 V +VV 15^30
^yal Tnutco 14 86 £... 12 -9BV WV O +Sl 4 W

SDR France 15V 82 £... 30 100V 101 -OV -fOV 15 33

Swud- Ex. Cr. 13V 86 £ 20 98? «, -0? +S

llB°9V 88 EL? lW *' m S +DS 11 ■“

. “ 88 Luxrr BOO 92V 93V 0 0 11.40

Average pnea changes .. On day -OV on week +OV

BANCAL TRI-STATE

FEDERAL NATIONAL MORTGAGE

INS1LCO CORPORATION

Second quarter

1382

S

1381

S

tics pro'it;

1 QSm

2 35m

Net per sr.a/c .

. . 0.22

oeo

Six months

rir: psilits . •

. . 2.95n

6.64m

Net oer ;har“

.. . 0.51

1 40

BARNETT BANKS

FLORIDA

Second quarter

1962

S

1331

S

Nat profits .

16.15m

!7.2it,

Her per share . .

0.33

0 . 8 ;

Six months

Net proFis

Sl.tSm

21. 81m

l|« pa* tV arc

5.32

1 e;

1982

1981

1382

Second quarter

S

3

Second quarter

*

Net erciiis ...

14? tm

t18 Em

Rcve-.uo

. . :9S.6m

Ner oe." si-a-e . .. .

tO. 72

to.=i

Net orohrs

7 iZ-

Six months

Net oer s.ure

0 «3

Net arc.!.:;

126.0m

140.1m |

, Six months

lit! asr .. .

tV45

10.68

1 P>!nrtr.ije

it? C“*

1 Loss

Net profits

1 Net oar share

... *4*-l

3 3*

COLT INDUSTRIES

Second quarter

S

S

Pl'rCnuC .. .. ..

Ot lm

4c5.£*n

tlvt prehtB

23.1 7m

z3 ;3m

Net ot* ih.-m .

1 to

1 42

Six months

Pm-r ..

643 9m

?»3fn

Net prafits .. .. ..

eo.ir-n

Net per share

4 Co

Z9t

CONSOLIDATED OIL V

GAS

1382

1381

Second quarter

S

s

2e.*enue

10 0m

128m

r;e: profits

flAO.CCO

'.7n

Ne* per snore

1001

0 ”

Sue months

2i 5m

24.4 m

r;%t .

2 re

?.7m

Net per siaru ....

10.23

0.22

i less

DIAMOND SHAMROCK

1982

1931

Second quarter

S

5

fie: ptchis

21 Mm

55 25m

Net cor ‘iiirc

Oil

0.33

Six months

p stfenue

7 €abe

1 «bn

Net profits

61 0?-m

116 Cm

Nci u-;r share . . .

0.95

1 35

DOVER CORPORATION

1982

1981

Second quarter

S

S

Revenu-.*

253.45m :53.74nt

’lei orolirs

24.07 m

25.42m

Net per jr.Arc

0.67

0 71

Six months

Fever vc

54G 07m 4M.7I rn

fit' C refits

ZO 4yrn

45 79m j

Ne: Ver s!»«ra

f 41

51 !

FIRST FLORIDA BANKS

Second quarter

Net aratita 6

Net r?- nita-a

Sue month »

N». c/cl its t;

Net 3?.- s-’o:e

FLEET FINANCIAL GROUP -

Second Quarter

Ht; D’Ct.rQ
Net aer . ,

Six months
Net prrliK . .

fJct per ir.j'e .

MCI COMMUNICATION

0 jg 1 First Quarter

i Revenue

10.5m j !*”

Q 73 ; No: per shjre ..

i

1 NCNB CORPORATION

Second quarter
Ne: prohes
Ncs ocr share
Six months
Ne: profits . .
Ne; set share

1982-93 1381-12

S S

. 1 -rt 5£ ?—
26 4?r. '1

A. O. SMITH CORPORATION

1982 1921

Second quarter S S

Pe*ei-J« • . !*''> ~I ;m

•■e: cr;: 7 : 7 : 1 : IZ-n

’it: per 11 7f. : *3

5:* martins

s tve-ice - c -l Pm a‘7

f*r: a: c'i’s 5:0 ii.-n l v-.

’.r' orr :z.’5 * 7;

1 i.'. ;;

S 0 UTM'.Vs ST - BANCSH A R ES

1982 IPSn

Second quarto: S S

•:c: =/:'<« ic ?cm 12 7 ?.-

■;c: tc 1 :z

Six monlfis

COr.FOP ATI ON

1381-32 1980-SI

193 Sm 256 2m
2.93m 3 23m

z zr ; i - 0

no morllis

! DEUTSCHE MARK
STRAIGHTS ISM»

I Aslan Oev. Bank 9V 92 150

1 Australia 91 200

' Ausma SV 92 100

, Barclays O.'S In. V, 94 10O
! Botvater let. Fin. BV 89 50

033 i C’njda 8 V R9

siE '■ m lEil.lm
!4 32m 15 Com

"Li 1 '"'— ' .46

.ST COMPANY CF GEORGIA

5<-cond qujrtnr

3' :S-i 27.£--,
’ 43 - ■ i

GANNETT

19S2

1581

Second quarter

S

s

Revenue

334 am

5m

Net c-vSrj .

« 3m

46 6m

tic: per si- ire

O&i

036

Six months

R««».*tj<

. 7Z5 Cm

Net p-e'ns . .

31.9m

76 8m

Net car snare . .

1 SS

!.41

HILTON HOTELS

1982

1981

Second quarter

S

S

Revenue

.. .. 161 4m

150.5m

Net profits . . .

22. 23m

29 ?!m

Ne; per chars .

0 87

1 12

Six months

Ro venue

. 3151m

107 7m

■to; ersfs . . .

. . 42 28m

;5.3:m

Ne* eer share ..

; 53

2.14

HUNTINGTON BANCSHARES

1932

1961

Second quarter

S

S

Net o.-ofus

. .. e*9.m

6.4dm

Net scr sh;ro-

1 .39

1 29

Six months

Nc: D-cfits

14 rim

'J 2 m

lie; cer shj*j .'

L.T7

2.54 i

1 :3m 4?

NOR5TAR BANCORP

Second quarter

Net orsiirs

Six months

Ht. cr7?t:s .

PROVIDENT NATIONAL

Second quarter

I Net profits ... ... 5

j Nat par s!va;e

1 Six months

■ Net srehts 13

I N»| per share .. .

j ROWAN COMPANIES” INC

j Second quarter

j Revenue

| Me: arclits .
j Net par share . .
! Six months
j Revenue

Mar prafita . .

1982 1331

S S

35 S«- To 3 T
32.4-ri ZZ
j 64 C 47

2M Sm 5~.

~ 6*n 41 Tit

• i‘- C cl

SQUARE O COMPANY

Second Quarter

Tie; p-ili:5
*. t : ae’ s^ i -j

TELE3YNE

Second quarto'
■ .

Na: 0'o! :i
Nr* jf *':*a
S'x mwilhi

Sfciftd quarter
Si*

Six rrsniis

TEXAS AV EEiCAW BfctJC SHAPES

" _ 73?.; "r

Second quarter %

!o* sc- j •.’•o . . :

Six mpnrha

U rt. HOVE CORPi

ORATION

Secctd cuaner

1982

S

1551

S

. 22? 4m

07" fl/n

S 11 rrentf-.ti

4 19m
0 27

5 19m
0 3G

\ l *r

: “tti

560 5m
4 *6.7ri

;-.:a

’..'a

*VA Lvfltl'. OO.

Th *rj joartcr

1581-82

s

1980-81

S

rj.ac I --” '.f.!.

i Vs 2

424.0m
9 T3m
0 67

S j,

l.52hn

I j 'jm

I.ijA

!.3Wn

22.5m

2 25

! Como. Tgl Esp 10V 92 100
lEil.im Crod Foncier 8 \ 92 .. 100

5 05m J Der-mart: 10V 92 1 «>

1.53 [ edf SV 92 100

EIB B 1 , 92 100

— — — | Int. -Am. Dev. Bk. 9 92 150
■ Nac.nl. r.nanciera 11 90 150

* i Norsk Hydro 8V 92 100

1- J 71 , Philips Lamps 8 V 92 ... 100

1 *- 4 ; Philia Morns RV 90. ... 100

_ I Quebec 10V 92 '150

-4 7m ; R e ,( ? m 32 TOO

! p NCF SV 92 100

! Ttuernauiobahn 9V 9* 50

— — ! Ttancfo In: 9 92 . 100

l5 ® 1 World Bank 3V 89 .. .. 100

* World B.m> St, 92 200

Change on

Issued Bid Offer day weak Yield
150 98V 38V -OV -HIV SAG

200 103 103V 0 +0V 3-80

100 ■ 94V 95V -OV +0V 3.14
100 95V-95V -OV +OV 9.00

50 96V 95V — OV -OV 9.41

200 102 102V +0V +1 8.05

100 100V 101 — OV -OV 10.35

TOO 95V 96V -OV -OV 9J8
ICO tlOZVKB +OV +0V 9.68
100 MOOV 101V +OV +BV3-74
100 . 9>V 95V — OV -FOV 9.14

150 96 1 * art, _o», — ov 9jtT -

150 96V -97 — OV O 11.61

100 97V 98V -OV +0V 8.79

100 97V 98V -OV +OV 8.79"

100 , 9SU.-HU -OV 0 839

150 102V 103V -OV +0V 9.61

TOO 99V WV '-OV +OV 9^7
100 95V 96 -6V -OV'SJS

50 t10lV1«V-0«. 0 9.57-

100 97V 98 -0>, -OV 9 .35

100 WOV 100V 0 +OV 9J8

200 94V 95V -OV ,0 9.27

Average price changes. „ On day — OV on weak -fOV

•:.'-ari::SHCUSE c avao a

f«r

S:-.=nj c-.iartnr C3

ter C3

CS

. . . ISl.Tm

164 9m

7 2m

5

ZA7

zzo

271 3m

"15.3m

“?• "rr

12 0m

DC;

483

rt ’CSV-’ :C!_ CORPORATION

O 30 • qvnss FRANC

STRAIGHTS Issue

5M5m Canado Bij 92 .... 100

• t.7m , Asian Dev 7 92... 100

L ' 5 1 7V 32 80

A'lMT’ilia W; 91 100

liiiTS: : aJi? 6! * 92 iw

1580*81 j ,’r„ rgrirmin 7 92 100

„ s I CFc-Mexico 8 V 92 50

[ Co-ou. Denmark BV 92 .25
9 « « Crawm Zelierb.irh V, 92 100.

* cL-oparat 7V 92 180

. c un(J Finland 6 V 92 30

.rat* 1 j j., DaP Dev. Bank 6 94... 100

3*.5m 1 K-jba cuy 92 100

2 | nommuttlcnc T, 92 .. 35

' Lonrha lm. Fm 7V 92 80

T -=r- ; M-’-tu'. OSK P, 92 100

’a? \ Nafinr-i SV 92 80

* Ncw Zealand 6 92 100

- nl!l i Ptl,! ‘ n MRT ’ ,, 92 . . 100
'Jll » P!"I'P Moms 6 V w ... 100
—b I Penla 7V 92 80

5«» istii Pre. 5V 32 WW 70
;t5.om , Lu „, da Cnl< 91 , 22 80

' S»crsVa Hjrdals. 6 V 92 100
lta - 1 1 Tirol jr Wassrr 6 >,- 92 100
j Vawrlberq Ktalt 6 V 92 SO

Change on

Issued Bid Offer day week Yield
100 100V 101V 0 +QV 6.11

100 101V 102V +OV +1 6.71

SO 9BV «rv +0V +1V 739
100 lOavittov +OV +OV 5.94
TOO 97V, 97V +I»V +0V 7.1S
100 100V 1WV +OV 0 8.69' '

so 975 , set, -hvv 4 -iv ass

. 25 104V 109V 0 . +0*i 7.62
100. VP, PBV 0 O 6.78.
180 100V 101 -OV +0V 7-12

30 98 1 * 90 -OV -OV 8.M

100 vtO»i IflOV — OV +1 S.94 .

100 100V 101V O +0V 6.00

35 101 WlV+OV+OV 7.06

00 90T f j«V -OV 0 8 33

ioo . 997 * iopv -OV +re, e.-so
80 . J« 9«V -OV -OV 9.15
ioo 101 101 V -OV +JV, 5^5 .
100 101 ' imv +nv +pt, B. 1 R-
100 imvwv 0 +0V 8.00
80 S7V «WfV +nv -FftV R.14 .
70 1BW, IIViV. -ru, +03, 5J1 -
80 '10SV 105V +18*- -OV -7 JO
100 mv p*v 4-tv j-ov 7,on
IOO «m, im, +m, +1 6.59

SO imv 183V -OV -OV *39

F LOATI NG RATE

5322®, u n „ Bid Offer C.dle C.cpn C.vM

Alhed Irish 5V 92 OV- .98 '98V 15/10 15.69 15 97

5L Tok E * ” W . OV 99 99V 8/12 15V 18.5
SttfiV»r 8M * SJ, ' >3 JS* 2E*' W 29/10 15V 15JH
■BFffl-S S'"-"'—''"' 2^' ^ZB/IOTS 15.17

' BN HU 16V 1633

Biff 5V 89 WW OV *t98V 98?. 6 / 1 1 15 ig 15

CCcTwl'affl 1 *' ^ “ S* «, 88 V 21/10 15V 1537

C^F 5 ^. 20 ^ T1/1Z 15V 15.61

,&V ^ *1 .5 ass* ss s

* aa»M8s

“ 0,1 ^ 1/10 16 16.09

Credit Lysnnaie 5V 04... OV 99V TOOV 1/1 - 10.94 ir «

■ Credit Nat _5V 94 «V 98? £fe. 9/9 u »

fiwajrt ?3&aa

J. P. Morgan 5V 97 ... fOV 98V 98V12/8 14V 14 77
Nat. Wear. Rn. 5V 91... 50V 9®V 99V 15/7 - 15.19 ism
N ew Zealand 5V 87 ... OV 99V 99V 7/10 lsifi Wra
N ippon Credit. 5V 90... OV 89 9SV 10/8 16 06 16

'■ sasfra " 1 91 ? ^ ft “ ss

1 See.PaciRc BV si. OV. 9BV 99V 2 d /IT X 5 . . 15,13

a sEsa ji-ina. a. a ass sr- ss

Average price ctw«ea... On day O an week +OV
«ONWBnriBtt-:.: -Onr.Cbe. (Ag.

SSmML^tgt’SS F 5=

BowVaUey Inw. 8 95.. . . 4 / 81 23.12 » 96V — OV 7 ?^

.sssrsrjw^-ia s s- TsS

.Fuilt»uP.nuc4V9B M/«kS? S JiV 1«"

Funifcawa Elec. SV 98... 7fln 300 79 7 SI n

Hitachi Cable 5V 98 2/82 515 7 s s,

JjjWFW Cpn 5 SB 7/W 1612 WV TOV -IV iln

, Honda Motor SV 97 3/B2 B41 - R 2 nai! -1 • ,5

Kawasaki BV 96 ■ ^ I Jf?

- .SftSL 6 -* - ■•—-7/81846.4 94- 95«*-iv IJ?

Mtaolta Oipere 5 9B...T0/8182K4- 81 62V +0? 33 fin
Mihorco 9V 97 5/82 8 16 tta ao ISl S I2

SSW hhi ^ Sv-ov S:S

S5LA£^i"ir:JS- S m' ?tP-s-E

Nrppmr BacWcBVa?..;^ ^ ^ ^ Zl
OneiKThnenfid 5V 37 3/82 VSS 8B>r +ov 10 ^

Sanyo B«,ric S 10/81 B 62 62V 64 -ty,

Sumitomo Bec. 5V S7... 3/82677 J '81V 8S -OS
■ jSwimanw-Met. -5V 98. ..10/81 208.1 «OV 62 -OV 40 ^
SW5* Bfc;Xpn^V g/w 1S , ^ “ q

Konrtfiiroku 0 9tfDM ... 2/82' Effi 99 inn -1 rl'S
MiWUbpjhi. H G_8SDM2«2 263 K KM, »5

...7m 933 84V 85V — V, 3 94

— 4/8123.12 SS 96V — OV

* 470 83V 94V O o!io

... 1^ 929 84 85*4 -2V 14 as

7/82 748 J S2V » -2? -ffl
■■■^TO .6 93V 100V + 1 ? 7 J 4

" , S<S 5 SS ^ 7 ®V -3 i 2 3?

... 7/81 300 78 79 s , O ,11 07

2/K 515 78V SQV-2V 193

* 1 Mi • Si! “ 1T ' 12 90

9/81 ' 229 62 631 ; I] 1 g ^

"mrelRMe M — OV 23i

" 81 62V +0V 33.60

« -1. 42.60
95 86>« —2 5.55

98V- 86V -FtP, 10.10

Si* « ~° 1 ’ 1S - 33

81V 89 — OV 7.44
*>V 62 -OV 40J8
73 75 O 31.95
» 100 -1 - 4 . 1 a
90V 90V -+OV 34.20

is.-.ij suartcr

Avorapa price changes... On day +0Yon week +0V •

• *."2hrr

€-l.“T C7 7*n
1.7* 1-Si

-■?: “?2*3" ‘ YEN STRAIGHTS Issued Sid (Mar

ju .m .0 lm £;8 SV S2 - .. .. 15 97V 38V O +0V 8^9

■CO | Int.-Anwr. Dew. BV 91 15 100V 101V O — OV 8,66

J Jopar Anllnas. 7f 07... ..-95V '«»»■ 8 -4.nij. nvte ■ ■ .
,hn Hew Seacard SV B7 ... 15 99V100V 0 -FOV JL37 _

7m | y/arld Sanr. 3’, 32 ... 20 98V S9V 0 +0V 8,SZ

Si ^ Average price changes... On day 0 an week 0

• - da 7' E PHCBr

mar ^ t , mal(6 r supplied a price.

|,iBld ,ly r^emption pi the
Zt* l n currency

' U is in “lions.

■FImZ?d« -Change prtce a week earlier.

n SHi5?i^rS , ^4^!L 0 S. iBawd unless other-

Spread «= Margin above
Ccpn " Tftecurrent cou ^-
“gaaf W8S5.tr at

,or 6tm ? louon Into -aHarea. • Cnv. price«=

'.S3gS ,B f" r wwwwian into -shares. ' Cnv. prices
dtWtoncv or^h-w ^ P? 11 ®h4ra expressed in

' ' PreroSL?l-« re Bt rale fixed at iagua

• of. a eg th 2 .sown* effeciivo price

* i

Lours . , ,

O- \ j

<rr.

\

Fiti&JiCiiii Ti tilts T.ivii adt y : July 15

This announcement appears es a matter of record only.

WS» INTERNATIONAL COMPANIES and FINANCE

to buy part

Receiver

BY STEWART FLEMING IN FRANKFURT

IRELAND

US$50,000,000

, Boating Rate Notes due July 1 992 •

Vi

BANK OF TOKYO INTERNATIONAL LIMITED BANK OF IRELAND

THE West German subsidiary
of Philips, the leading European
electrical concern, wants to par-
ticipate in plans to rescue the
important household appliance
division of the financially
troubled Bauknecht home equip*
■ ment group.

Bauknecht. a privately owned
company which is a major. Ger-
I man producer of kitchen equip-
; ment had to apply to the courts
for protection from its creditors
.in May of this year.

The company had debts to
international and domestic
banks of several hundred mil-

lion dollars— detailed figures
have not been disclosed. It had
failed in an attempt to persuade
the hanks to write off loans of
DM 70m |S2S.3m) and also ad-
vance a further DM 100m in new
credit. .

Philips plans to take a
minority slake <n -either one or
two new companies which will
be formed to rake over Bauk-
neclit's white goods operations.
Its product*! include refrigera-
tors. washing machines and dish-
washing machines. The majority
holders in the new companies
will be Bauknechfs banking

creditors.

It is not yet- clear whether
a separate company- will be set
up to cover Bauknechfs domes-
tic business and one for its
international operations, or
whether the white goods opera-
tions being acquired will all be
brought under one roof.

The move gives Philips, which
has a joint venture in Geroumy
with Bauknecht. an opportunity
to strengthen its German opera-
tions. Philips was unable to
say -what proportion of Baufc-
nechfs sales revenues of about
DM l.Gbn annually, are involved

in the proposal The white
goods division Is Bauknerhfs
major business and sales
revenues will therefore amount
to several hundred million
Marks. . „

Bauknecht itself will not be a
shareholder in the new buxines*.
Disposing of the white goods
operation is however expected
to make a positive contribution
to the restructuring of the other
Bauknecht divisions. These
include the manufacture of built-
in kitchens, of electric motors
and of heat pumps and electric
storage heaters.

brewer

By. Brendan X*«w» b* ftqbftt .

Daiwa Europe Limited

Sparebanken Oslo AkCTShos

Bank of China
County Bank Limited

Genossenschaftfiche Zentralbank A.G.-Vfcnna
Sumitomo Trust International Limited
The Taiyo Kobe Bank (Luxembourg) S.A.
Yokohama Asia limited

Porsche expects
record sales

Neue Heimat plans drastic cuts

V\ In accordance wth the provisions of the Notes, notice hereby given that for the six months Interest
Period from 14th July 1982 to I4th January 1983 the Notes will carry an interest rate of 15 per cent, per
annum. The relevant Interest Payment Dare will he 14th January 1983 and the Coupon Amount pa-
USS500.000 will be US$38 J33- 33

July, 1982

By Our Financial Staff

PORSCHE says sales will reach
a record level of. DM 1.45bn
(S5S7m) in the fiscal year end-
ing this month— up 25 per cent
on the previous year.

.The high-performance car
maker, which is family-held,
posted a preliminary earnings
figure of more than DM 20m
for 1981-83. against DM 10m for
the previous year. Production
rose by 14JJ per cent to 32,000
cars.

Capital spending was
DM 1 20m, compared with
DM 80m in 1980-81,

BY OUR FRANKFURT STAFF

This announcement appears as a matter, of record only.

June 30, 1932

U.S. $100,000,000 Notes

The Republic of Ecuador

Lead Managed by

E.F. H utton I nternational Inc.

The Dai-Ichi Kangyo Bank, Limited

Managed by

- Banco Exterior de los Andes y de Espana, SA v ...

■

The Bank of Yokohama, Ltd. Daiwa Bank Trust Company

Co-Managed by

BancaNazionaledelLavoro Banco Central SA

^ Banco di Roma Banque Francaise du Commerce Exterieur

Commercial Credit International Banking Corporation

Provided by

Asian International Bank BancaNazionaledelLavoro Banco Central SA Banco di Roma

\ ® anco Exterior de los Andes y de Espana, SA Banco Herrera The Bank of Yokohama, Ltd.

\ Bangue Francaise du Commerce Exterieur Banque Internationale de Gestion et de Tresorerie

Commercial Credit International Banking Corporation Credit Commercial de France (Panama) SA

\ Credlto Itaiiano The Dai-Ichi Kangyo Banfc Limited Daiwa Bank Trust Company

Den norske Creditbank, Oslo First National Bank of Boston. Hungarian International Bank Limited
EE Hutton International Inc. The Indiana National Bank London Interstate Bank Limited

Maryland National Bank UnionTrustCompanyof Maryland

U.S. $175,000,000
National Westminster
Finance B.V. .

(Incorporated in The Netherlands with limited liability)

Guaranteed Floating Rate Capital
Notes 1991

U.S, $25,000,000

Bergen Bank A/S

{Incorporated df the Kingdom ofNonvay with limited tiebihiyj

In accordance with the provisions of the Notes,
^ notice is hereby given that for the six months
\ interest period from 15 July, 1982 to 17 January,
11983 the Notes will carry an Interest Rate of
f 15% % per annum. The interest payable on the
j relevant interest payment date, 17 January.

1983 against Coupon No. 3 will be U.S. $393.96.

Floating Rate Capital Notes Due 1991

In accordance with the provisions' of the Notes, notice is
hereby given that for-the threemonth Interest Period from
15th July, 1982 to I5th October, 19S2 the Notes will cany
an Interest Rale of 154% per annum and the Coupon
Amount per U.S. 51,000 will be U.S. $38.65

By The Chase Manhattan Bank, N.A., London
Agent Bank

Credit Suisse First Boston limited
Agent Bank. ...

US. $200,000,000

CANADIAN IMPERIAL BANK
OF COMMERCE

(A Canadian Chartered Bank)

US$2S,00Q,000 Guaranteed Heating Rate Notes due 1988

JIM WALTER INTERNATIONAL
FINANCE N.V. .

(Incarpimid arith limited liability 'la the Netb'crlaad i AaUllet)

‘ Unconditionally Guaranteed w to Payment of Principal and
Interest by

Floating Rate Debentures
Due 1994

JIM WALTER ’CORPORATION

For the six months

15 th July, 1982 to 17th January, 1983
In accordance with the provisions of the Debentures,
notice is hereby given that tliB rata of interest

has been fixed at 15 percent, and that the interest'
payable on the relevant interest payment date,

17th January, 1083 against Coupon No. 1 will be U.S.S 7.87.92.

f incorporated with limited liability in tJ>B State of Florida. USA.)

In accordance with , the .provisions of the Motes and the Fiscal
Agency Agreement between Jim. Walter International Finance NV
jim Walter Corporation and -Citibank, N A, dated January 13 -1981”
notice is hereby given that the .Rate of interest has been fixed at
.157**9 P- a - a nd that the interest payable on the relevant Interest
Payment .Date. January 17. 1983, against Coupon No. 4 in resoaet
of US55.000 nominal of the Nates ' will be US$402.03.

Aoent Bank: Morgan Guaranty Trust Company of Now York, London

July 15, 1982

By; Citibank. N A., London, Agent Bank

CfTIBANCQ

A WARNING that Neue
Heimai. the trade union owned
building company, will have to
cut drastically both its com-
mercial and social building
activities came yesterday from
Dr Diether Hoffman, the com-
pany's chief executive.

- Last week the company,
which owes banks between
DM 4bn and DM 5bn ($2bn)
met banking representatives in
Frankfurt. It had already been
disclosed that West Germany's
trade unions had agreed to
pump DM 350m into Neue
Heimat Stadtebau, the com-
mercial building subsidiary of
the group. It is recognised that
the social bousing division may
also need extra capitaL
Dr Hoffman said the com-
pany's bankers bad reacted

favourably to the plans for
reorganising Neue Heimat
Provided continued support
from the trade unions was
forthcoming, he said, he was
optimistic about -the company’s
ability to overcome its financial
difficulties.

Neue Heimat had been build-
ing too many houses, he said.
In future, in normal conditions,
it would aim to build between
6,000 and 8,000 houses a year,
instead of 12,000. This year
less than 5,000 would be built.

The company planned to build
more for sale instead ■ of for
rent It would also seek to sell
some of its houses to tenants.

Neue Heimat Stadtebau had
suffered serious problems in
Mexico, Brazil and France, said

Dr Hoffman. In those regions
there would be considerable set'
backs. The company would in
future concentrate in West
Germany and would cut con-
siderably its overseas business.

Dr Hoffman’s plans for Neue
Heimat are likely* to prove con-
troversial in some sections of
the trade union movement, par-
ticularly his proposals to sell
rented accommodation to ten-
ants and to build more private
housing.

• Deutsche Lufthansa expects
to make a. profit in 1982 if the
favourable developments of the
first five months continue, the
annual meeting was told yes-
terday. Results In the first five
months of this year were better
than planned and better than
the same 29SI period.

; MURPHY’S, the Irish .brewer
< which last year ran up Vtatt
1 Of If 3m has been put

; into the hand3 of a recojy«\ - -
• Based .in Code and famous
; In the south of Ireland; for
Murphy's stout— -which com-,
petes directly with Guiftitrrt—
the company has for sometime
| been trying to raise new capita],

Murpkv’b has some- 1 30ft
j shareholders, mostly Cork, and
Dublin publicans. Reports from
i Cork suggest that some :of them
1 are now prepared tn put- fresh
, funds into ibe company.

■ it is also understood that
‘ Heineken, the Danish brewer,
whose expanding lagef rnwfcef
In the Irish Republic Is handled
by Murphy’s, is willing total®
a minority shareholding in the
company;

The prime cause of Miutfhy's
downfall is a 7£ 1.7m battling
plant for mixer drinks. Thu
came on stream just as Irish
spirit sales suffered a 20 per
cent, drop as drinkers reeled
under the impact of successive
harsh budgets.

Murphy's scattered ownership
stems from a previous rri*:s \n
1974 when local publicum
stepped in to save the company,
They were unwilling to let it go
earlier this year when rival
brewery Beamish and Crawford
made a take-over bid.

Why foreign banl
account in

THE FREEING «f international for the foreign banking corn-
trade in services emerged munity have tended to shrink.

The impact loan spread — the has a total of roughly 820 bank*
difference between the rate at iug. institutions including the

ahead of the economic summit During the “golden sixties” which a bank lends to Its big. City and regional banks, the

at Versailles this summer as a when the Japanese gross customer and the cast of raising smaller, mutual or "sogq” banks
new bone of contention between national product (GNP) was funds on the London Inter-Bank and some 400 odd credit associa-

Japan and the U.S. By services growing at a rate of over 10 per market— -fluctuated between 1 tions. -Even the weakest of the
the Americans mean mainly the cent per year in real terms, and per cent and 2 per cent during sago banks however have so far

three areas of banking, securi- foreign currency was in chronic- the early 1970s. By the end »f shown themselves - extremely
ties and insurance, and of these ally short supply the foreign. 1981 only 0.1 per cent of the resistant to takeover bids from

banking is by far the most Im- banks had two major functions, loans made by the biggest other Japanese banks, and no

portent.

One was to supply trade fin- foreign banks carried margins - foreign bank to date has come

The spectacular successes of ancing in the form of dollar or of more than i per cent, and 77 anywhere near to attempting 'an

Japanese banks in penetrating other foreign currency denomi- ■ P*r cent of the loans were
the U.S. market have so far nated loans. The second was to ^ ein g made on a clean, or
been unmatched by any corres- meet the needs of Japanese unguaranteed, basis. banking law Introduced in April

ponding U.S. successes in Japan, companies for extra yen fin- The loss of exclusive rishts ****£? explicitly that foreigners

but Japan's authorities claim ancing (over and above what as foreign currency lendeiSand Wjd ;acquire the branch net-

this not because of any attempt** could be provided by the the change from a sellers to a • w 9 rks Japanese banks could

per cent of the loans were acquisition.

being made on a clean, or The fact that a new Japanese

to discriminate against foreign domestic banking system) buyers market in the domestic some attempts; at

batiks. Foreign bankers who during periods of especially -"currency sector forced foreign - ** the near future.

are in Tokyo trying to make rapid growth.

banks In Tokyo to start

a living agree that controls are Domestic Japanese banks ing on the doors of potential

compare

being applied even handedly have traditionally been sub- borrowers instead of waiting for speclacul ? r ^Californian

by the Finance Ministry on jected to “window guidance” borrowers to come to them. - i r!X mslt,0 v. s . ca T ie ? .??*
foreign and domestic hanks, controls by the Bank of Japan, Another result of the changes wKEfLS?** during the past
This does not alter the fact that which limit the amounts of has been far greater attention -k,*

Japan is a fax tougher place for loans each baulk can make to its' paid by foreign banks to the ' ' ™ e _ fSrestrations that

bankers to set. up in business
than, for example, California.

Even, the fgrust rations that
are .inherent in trying to make
a living in Japan’s hyper-com-

Because the Ministry of Fin- wv,;i p .Tananpcp pmnmnv hpon murino- -Fact P« ic,TO banking environment,
ance is not overtly disenmmat- ^ tae economy Has Deen gTOWlDg last « is surprising to find that the

ing against foreign banks there lor Ju years prpntaDle, DUSlIieS^ opportunities for majority of foreign bankers in

is little hope that American overseas bankers have tended to shrink, reborts Tokyo do not fbel that they are
pressures will result in a new “ being discriminated against by

deal. This means that the gap
between Japanese penetration
of overseas banking markets

Charles Smith from Tokyo.

the authorities. A senior execu-
tive of one of the top U1S. banks
says the Ministry of Finance

and foreign penetration of customers on a quarterly basis, origin and cost of their yen has proved “extremely acctwn-

Japan will go on growing — un- When the domestic hanks were funds.

modating ** over the past few

less other nations take steps to up against their loan ceilings, I® tee sixties and . early years, particularly since 1978

i-i t! — .JniiTiM nf Tinan ac flunr frormantlv wan'-iliinnn caaonKse flirt Xnlfc- flirt Krt. 1-1 •

block the advance of Japan. as they frequently were during seventies the bulk of the yen when it invited foreign bankers
While the Japanese banks the high growth era of the lending done by foreign banks to testify before a c omm ittee
have chalked up one success sixties and early seventies, the In Tokyo was financed through on banking reform and accepted
after another in the UJ5. during foreign banks acted, profitably, swap operations on the foreign some of their su gg estions,
the past five years foreign as a useful safety valve. '• - -exchanges, to turn dollars or None of the big UE. banks

banks have had tq fight hard to ^ safety valve function of other foreign currencies tem- seems to feel that the U.S, Ad-
hold their own in Japan. No f 0 reign banks became less int porarily into yen. Swap opera- minlstratk» was right last year,
fewer than <1 banks from about after 1976 ^ Japan’s '. t ? w “ were and are subject - to to single out the banking sec-

20 countries had one or more. ra te riowed'shaip^and T- 35 OTe of *e main targets

branches in Jokyo or other Japancse compajlIes to Finance. But of te campaign to force Japan

ba^ks^hare tod they could bbrrowlll the thj ?« t °l iberali6e It* imports of goods

money they' needed' from their domestically and services. However, ihe fact

of total bank assets, however, , fund_ed yen and swapping was that the UJS. Admini«ti-sHoo

«* to,ai 3? sXdSZMSS s : ,

was a mpdest 4- per cent, while sub g^ n H a rj v lower cost than - , an0 £ ier ®*W to which Japanese may have been tlltinc at wind-

was a jihjuwi ciiKcfanliallv lower rvicf than - lu which jap

only three P*r cent of loans and -banks -were denied entry.

HiJourHE nripinated with the of borrowing from foreign.

may have been tilting at wind-
mills does not mean there Is

f0 2ffi? , SSS s were, admit- at the end of ^980. W C 2£ZS£:} t 5** ceased 5 ha P® the main worry should be

sar At-tstTg -

^ntieT when the foreteh Hberal foreign exchange law \ ^ ouar Himiy. to be able to - con-
SJfnr accounted forlust under the _ foreign banks of ^fh “StLS? tuiu . e . westert

sector accounted for iust under «»Dea me roreigu oanks of anri maren into western

teetr position as : exclusive markets while foreign banks re-

Lra S3 S lavs oS lenders of foreign currency. effectively, stalled, fa

sets! But in those days only lenders of foreign currency.

some 20 to 25 foreign banks had The openmg of these so- .. sta rt IoSlSg Sr way^to rai^ ^

branches in Japan— so that life called Impact loans market to money in Janan bur ■■ ■ ■

for the individual bank has Japanese banks during the past found that most of ’the FOREIGN BA NKS R ETURN

grown tougher. two years, has had two maj or open to them are rrmre citlTS ' ‘ ON ASSEIS w :

Tho miinntv nf fnrpim hnnlrs mnesniimMC- Tho moplrct hi. « uauj ui V

is a must because of the sire of about Wlhn- of loans^are now ^STqtSk^d ‘easy solution to • ws

the economy and the importance outstanding— most.:. -*f them the yen fundrae nrnhl^ni_“ im

Of Japan in lnteniational trade, made by -Japanese banks. There which happens to be oretirelv •' Sn' '-

The truth f -.s, however, that, hasjeen a .drastic shaving of the solStion adopted iy - • 1W

while Japan s eennomy has been . margins and. .a- . consequent Japanese hanks in CaJifraiUa!- • 1980
growing by leaps and bounds, decline in the profitability of ou|ht, L to - !»?•-

JJf® .! BS - 15 t0 ye ,?P' 5 or eign currency lending' by acquisition of the branch net-" * FwriWonil.
profitable business opportunities foreign banks. . - : work of a dome5tie haaV T«m=« ' « «««

acquisition of the branch net-- "
: work of a domestic bank, Japan :

Soutok Internet font! Buriaest
Jnfortrwtten Inc.

Notice

BANQUE DEL’DVDOCHINEETDE SUEZ'
US$40^00,000 Floating Rate Notes I^79-J^9

Boff the six months * '

13th July 1982 to 13th Jamiaiy 1983 ■■
wffl rarty an interest nto of 16)U% per annum and
Coupon Amount. trfUSS82. 10. k

U.S. $75,000,000
1C Industries

Finance Corporation N.V.

By: Bankers Trust Company, London

Reference, Agent . -

Guaranteed Floating fiate Notes
.Due 1991

lhe notice is

_ iberpistas

Ibema de aotopfetas, s^ccwictMtonaria drf .

• U.S.$ 18 , 000 , 000 Serial HoatingHate^

Mortgage Notes Due 1986

( For the ax month period July 13th, 1982 toJanuaivl3tk I983

mohuu iium jjjw la ...

^ .mttiaStotes m carry amnietesi:. ■'
r^epf 15 $ 6 % peranmim, Thfi interest bavaftieon^iA' .'•••
r^teyan^inrerest jDaym^t ^nuar\‘ 14 1983
agamstCoupoh No. 7winbeU^$78.90. ' ' r - V-'”

Bankers Trust Company; Landcm ■'

’ naodpat Paying Agent ' • .•

. . ‘ ^:The; Chase .Manhattan -Ba ri-fc ^

,/ National' As3,qciatio n , New York '".' v ::

‘K' -

-^C{

I. 5 >

Financial- Times f nmKSday : July 15' 1982 % • ' -■

-a^Sarkcts. INTERNATIONAL COMPANIES and FINANCE

reorganise in

rt '"er

little

. V \-

BY WONff SULOMG IN OMUR UflffiOR

BANQUE .de ,1* 'Indodufte and- /sent from
de Suez (Bank Indosoez) Is to negotiate
incorporate locally its Malaysian posed, xgl
operations following its national- approved
iMtion under President Francois authors tie
Mitterrand’s Socialist Govern/ - dose the
ment v: ... partners

Under tfae Malas^ianisations. slices.
Bank Indosiiez’s two ' - local Under!
brandies will, be transferred to operating

a newly {orator company, tjte be contr

Malaysian French Bank.-- ' . . ; ' govennrie
The PrendL hank wiB hold 30. The JBi
per cent in the new Malaysian close irts.i
bank, with 5t -per. cent going, in. 1959,
to Senator Daim Zakmddin and . banks Jain
19 per cent to lhe Knot Foun- had to
dation. 1 * Malaysian

Mr Pascal Mouradiazc. a senior United Ai
Bank Indosuez _ representative Habib Ba:

sent from Paris. Ip. Btbruaiy to--
negotiate the deal, said the pro-
posed, xestraeturfiog Baa to .be
approved by the' Malaysian
authorities.: He declined todls*
dose the -.aznount;the "Malaysian .
partners would pay . -for/, thigr.
stakes.

Under Malaysian law, no- bank ;
operating' in the ; country can
be controlled by a foreign
government;

The Bank- of.. China "had.. to
close its. operations in Malaysia
in. 1959, while three . Indian /
banks -and- one Pakistani bank .
bad to. restructure - their .
Malaysian' 'operations to form.
United Aslan Bank and Perwira
Habib Bank respectively follow

ing nationalisation by -their
governments in the 1970s.

Bank indosuez began' opera-
tions In Malaysia- in -1958, -and
its - assets currently total
about 300m ringgit (tFS$128m).

Senator Daim Is a London-
trained lawyer, who made his -
-fortune in property develop-
ment Be is a dose adviser To
Ur- - MaTuthh* Mobamed the
Prime' Minister, and is expected
to be the, bank's rhairman.

- "The Knok Foundation is a
charitab le organisation founded
by the Kuok Brothers, one of
South-east Asia’s ■ leading .
Chinese business groups.

As a.local bank^ the proposed

Malaysian French Bank will :
not be- discriminated against in
opening hew branches, .and will
enjoy a more favourable capital
deposit' ratio than foreign
banks,

- The two largest foreign banks
in Malaysia— Chartered Bank,

: belonging to Standard Char-
tered of the UK, and the Hong-.
Kong and Shanghai Banking
Corporation — are currently
negotiating with ' Malaysian
authorities on their equity
restructuring. The talks are
said to be "progressing
well,” buti because of their size
and complexities, the first steps
in Malayrianlsation will prob-
ably take a year to complete.

Extraordinary
gain boosts
Pegi profits

By Oar Kuala Lumpur
Correspondent

PEGI, the Malaysian investment
group, which announced the
. purchase of a 51 per cent' stake
"in Dunlop Malaysian Industries
for 298m ringgit; £U.S.$126m)
on Monday, has produced' a set
of financial results showing sfe-
niflcant gains made, from pre-
vious acquisitions.

For the year ended March, the
group’s operating profit was
3.7m ringgit {ILS4E1.6m) against
earnings of 324,000 ringgit- -for
the previous .15 month period.

However. . . net - attributable
profit, after tax, minority in-
terests- and ex tr aordinary gains,-
rose to 12.2m -ringgit compared
with 2.6m r in gg it preriondy.

The extraordinary . gain : of
ll.5m ringgit arose mainly from
the sale of the 16 per cent stake
m Dunlop Ho ldings of the UK
which Pegi transferred to a
company in wititib-it and Multi-
Purpose Holdings- are. . joint
owners. ‘.. .

NOTICE . V

\ SEPUBUC OF PANAMA

‘ us $ 30 , 006,006 .

- NOTES DUE 1983

NOTICE OF ELECTION
TO EXTEND MATURITY .

lit accordance with the. pro-
visions of the Note$ a reminder,
is given that boldiri 'of tneie
Note* may elect to ; extend the
maturity" of their Notes’ 1 to
15th March*' 1998.

Such right , may be exercised
during the period 15th' March.
1962, to 15th September. -1982.
by surrender of the Nbte(s)
duly completed and presented
at the office of tfae Fiscal Agent.

IEHUU.IYKH ,

mmvmm r

J . IMITED ’. .

..... FIsco/ Agent' ....
LONDON

The Royal Buk of Scotiimlpte

US4754XXyx»Homio« Fate
Capital Notes due 1966 id 1994

- For the dnce xnoorfi period
July 14th 1982 to October 14th 1982
TheNote* will beam
intense rate of 14Rft per annum,
lottos: payable oa October 14th 1982

BdmltaCooinhlinlM

Downturn for Alcoa Australia

BY OUR SYDNEY CORRESPONDENT

ALCOA .of .Australia* the
country's biggest integrated
aluminium producer, earned net

profits- of A$36.9m (US$3?.4m)
in. the first half of 1982, down
35 per cent from the A$57m a.'
year earlier.' - .

. The perform ance would have
been worse but for' the increase
in export revenue from the* de-
valuation of Qie Australian dot
■lar- -against- the UB. dollar,
which added A$6m to net pro-
fits. Bales were A$445.7m
against A$42Sm. •• . * -

Tbe profit downturn was
expected given the poor state
of world alumina and aluminium
markets which has forced t tie.
company to- reduce output of
both products and mothball its .
newest alumina refinery at.'
Wagenqi. Western Australia.

It is also negotiating with the
Victorian state government on
the possible deferal -or cancel-
lation of its partially completed
Portland - alumamten smelter.
The com p an y announced earlier
this week that it had failed to

attract a Japanese partner.

Alcoa's profit in the second
quarter of 1982 was 14.9m
down 32 per cent from the profit
of A$22m in the first quarter.

. ..Because the lower cash flow
and the need to provide funds
for construction, shareholders
which includes Aluminum Com-
pany of America with a 51 per
cent stake, again agreed to re-
invest. the dividend. A non-cash
dividend of A$20m was declared
and paid in June by the issue
of 20m shares of A$1 par value.

Further finance for Kuok Bros

BY OUR KUALA LUMPUR CORRESPONDENT.

THE KUOK BROTHERS group,
one of 'Southeast Asia’s leading”
Chinese family businesses. is-
seeking a listing on the Malay-
sian and Singapore exchanges
for -itsr hotels on the Malaysian
resort island of Penang. -
The group will make a public
offer of 17m new Shares of
Rasa Sayang Beach Hotels that
will raise the paid-up capital of
the hotel group to 65m shares
of one ringgit each. The shares
will ’ be priced at 2.2 ringgit
(U.S.S0.93) each and 6.25m
units will be -reserved for
Bnmaputra (Malay) institutions.

- The Rasa Sayang group con-
sists off. three ' hotels— Rasa
Sayang; Golden' Sands, and
Prim - Beach— aR - located - near
each .other, on' the ^northern
beaches of "Penang. . .

- The group also owns another
three' acres of beach-front- pro-
perty for -which a -330-room
deluxe hotel is planned. The
cost is estimated at SOm-rmggit
and. part of the proceeds from
the. share offer will. go . to
finance the project.

The Rasa Sayang. group was
incorporated in 1973, and has a
good profit record. The net

result was 82m ringgit for the
year to last December.

Despite the recession, after- i
tax earnings are projected at
13.5m ringgit for the current
year and the group has
promised to pay a 15 per cent
tax exempt dividend.

This - is the second time
within a month that the Kuok
-group has announced the
flotation of substantial assets in
Malaysia. Last month, it applied
for a listing of Federal. Flour
Midis with a public offer of
3L99m shares of 1 ringgit value,
priced at 1.4 ringgit each.

Sime in genetic joint venture

SIME DARBY Berixad and
International . ' Plant -Research
Institute (IPRI) of .the UJS.
have formed two joint vetnre
companies, Reuter reports.

AgrirBio -Corporation (ABC)
of Malaysia and the Asean Agrt
Bio Corporation (AABC) of
Hong Kong will apply the
Institute's research in genetic,
engineering and biotechnology

to 1 tropical ' agriculture in
Malaysia and the Asean area.

• ABC has been formed with a
paid-up capital of Sm ringgit
(UJ5.$L2?m) ..‘and commenced
: operation on July 1, 1982. ABC
has assumed responsibility for
Sime Darby Plantations’ cur-
rent . applied agricultural
research programmes at Ebor
Research at Batu Tiga and their
laboratories at Klang.

Svenska Handelsbanken

(incorpocitcdmtiwlGngiibm of Sweden with lim ite d EabDit y) •

: U.S. $35,000,000

Floating Rate Notes due 1987

• : (subordinated as to payment of principal and interest)

-In accordance with the terms and conditions oftheabqfwemendoned
n otes , notice is hereby given that the rate of interest for the arononths
: from 15tbjnly 1982 to ITlhJamiaiy 1983 has been fixed at 15jfc% per
ajiD nm and the amount payable on coupon No. 5 will bcUSJ79.ll

PRIVE INDEX
DM Bonds
HFL Bonds & Nans
U.S. S Strt. Bonds
Can. Dollar Bonds.

Nordic Bank PLC

YONTOBEL EUROBOND. INDICES
1A5J6 = 100% .

13.7^2 6.7.82, AVERAGE YIELD

95.39 95.43

37.67 - 87.18
87S8 87.73

B9^3 89.26

DM Bonds' 9.236

HFL Bonds & Notts 10.312
U;S. S Strt. Bonds 14.906
Con. Dollar Bonds 1B.D17

13.7.82 . 6.7.82
' 3J23& 9226

10.312 10,415
14.606 14.603
16.017 16.002

Bahrain bank
well ahead
at six months

By Mary Frings in Bahrain

NATIONAL BANK of Bahrain
boosted net operating income by
almost 60 per -emit in the first I
-half of 1982 to BD 5.1m
($13.6m). This does not include
extraordinary gains from the 1
handling of four heavily over-
subscribed ' offshore company
share issues, which together
with the proceeds of the United
Gulf Bank subscription now in
progress wfll be disclosed in the
bank’s 1982 annual report
Mr Nooruddin A. Nooruddin,
the general manager, said the
improvement in earnings came
from substantial increases in
net interest margins and in fee
income.'

Consolidated assets were
BD'454m at June 30 (51J2bn),
up 38.5 per cent, and the return
on average assets on an annual-
ised basis, rose from 2.05 per
cent to 2.42 per cent.

Loans, advances and over-
drafts increased by 24 per cent
to BD 166m ($440m), but a 65
per cent increase in customer
deposits lifted the deposits to
loans ratio from -132 per cent
to 175.5 per cent.

To get more
from your
captive...
cut on the
dotted line.

Send for our new brochure and find out hew
Continental Risk Services, Lid.', can help
ybuhave a more "efficiently run captive . -

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Weekly net asset value

Tbkyo Paciffc Holdings (Seaboard) N.Y.

oa July : 12th 1982, U.S. $5Z74
listed on the Amsterdam Stock Exchange; .

Information: Pierson, Hekfring & Pierson N.V,

Herengracht 214, 1016 BS Amsterdam.

PL

m.

PLC

rd Dke to hioMWliatCRScandatoriiiifc|
Tan me more* |

Nfflna ■

We • - • ' »'

Ad rir e w ?;..^ - . — — - — — ■ . . . ^ |

State — — —Zip ■ m'^ — |

Davftt aVkighan, Presidenr - '-’•.'•’-’.‘".'l

Continental Risk Sewces.Ua— • , • |-

‘IheWaffierBifikJina • Reid &.Kmg Sheets. . ■

P.a B qx 824- Hamilton, Bermuda . Continents 5

- |

CteifinentaU^ SerctoBste asubaJ^^ MMS3gB83sl I
TbeConBwnWCtepor^ . ' 11 » 1 } 1 j

Years ended 31 st March 1982 1981

Turnover' . ... . £16,974,000 £16,339,000

Profits before tax £2,057,000 £1,394,000

Earnings per share - - - 10>9p 9.5p

Dividends pershare . 2.3p 1.89p

Capifa/isaffon Issue of 1 for 10 in 1981. Proposed io do the same agaln
this ye$r and, planned to maintain dividend on the increased capital.

For a copy of^ the report and accounts
7 ^ , postthecouponbelow.:

The Secretary, Ry su PLC, ' -

J . 120 Stationfload, Vtobum Sands, Milton Keynes. j

1 .BucWnfltiam5hireMKl78S£ • • . j

I Please send me a (jopyofthe 1982 Annual Report j

i Name , • ~ ' . ~ ' ' j

I Company , J

i Ackkaae ’ j

L 7

Amatil lifts

interim

results

By Ian Perkin in Sydney

AMATIL. the major Australian
■tobacco and food group, lifted
net profits by 28.8 per cent
from A$17.46m to A$2L63m
(US$2 1.4m) in the six .months
to April 30. The .directors have
predicted ihat full-year earn-
ings will show “a significant
improvement over those for
1980-81, H when the group
. earned net profits of just over
A$31xn- '

The company -achieved the
latest earnings advance on
sales up by 14.6 per cent from
A$64Sm to A$737m. The net
return on sales grew from 2.78
per cent" (for all of 1980-81) to
2.93 per cent

Extraordinary . gams of
A$2.59m in the latest half
mwp mainly from profits on
the sale of an investment and
other non-current assets.

Earning s per share . rose
from 18 cents to 23 cents and
tiie interim dividend is held at
10 cents on capital increased
by a one-for-flve scrip issue.

Tax absorbed A$lB.77m,
against A$ 12.87m, interest on
borrowings' A$9.18m, against
A¥8B6m, and depreciation
A$10.06ht against A*9.75m.

The first-half profit rise
reflected further growth in
tobacco profits, substantially
higher profits from the print-
ing and packaging division and
improved earnings from live-
stock interests. 1 - . :

BAT Industries of the UK
has a substantial minority-
stake in the company.

Smith buys out
its SA partner

By Our Johannesburg
Correspondent

SMITH INTERNATIONAL, the
Houston, Texas-based mining
d rilling equipment manufac-
turer, has bought out its South
African partner in Boart
It has acquired the 50 per cent
of the shares in Smith Boart
owned by Boart International j
for between R2m and R3m
($1.52m). Exact cost of the deal
has not been disclosed.

The South African company
manufactures tungsten carbide
drilling tools for the mining and
quarrying Industries, and Is
expanding into other products
through acquisitions. The
Houston parent stqq&ies the
company’s entire technology—
Boart International was skqpiy
a financial partner.

y * : - 4 — ^ ^ - • -

Now also in Singapore
Banque Internationale a Luxembourg

B!L(Asia) Ltd.

Banque Internationale a Luxem-
bourg, Luxembourg’s oldest and
largest private commercial bank
with total assets of Lfrs. 176 billion
(US$ 4.2 billion), has expanded its
international presence- by estab-
lishing a whollyowned merchant
bank with an ACU license in Sin-
gapore: Banque Internationale a
Luxembourg BIL(Asia) Ltd.
Operating from this important
financial center in the rapidly
growing Pacific Basin, the Bank’s
international clients can benefit
■from the full range of merchant
banking fodlrties, including trade
financing, syndicated loans, for-
eign exchange and deposit deal-
ing, holding companies, portfolio
management ’

Forfurtherinformatioajust contact
Claude LEHNERTZ or HAN Eng
Juan, Joint General Managers at

Banque Internationale a
Luxembourg BIL(Asia) Ltd.

The Octagon, 10th Hoor

105 Cedi Street, Singapore 0106 ‘

Tel: 222 7622, Tx.: 21396 bilasi

If

W\

It V'\[

1

Ml m3

f 1

it

1

sooele anonyme - founded 1S56
Luxembourg - boulevard Royal 2
■Tetephone:4791-l -Tetesc3626 bdlu

Nw (**»

Thcso Borafa havlns bom sold, thb announcement appears as a matter of record only.

July 1982

Emhart Overseas Capital N.V.

Curasao, The Netherlands .Antilles

DM 100 000 000.-

9% % Bearer Bonds of 1982/1989
Irrevocably and unconditionally guaranteed by

Emhart Corporation

Farmington, Connecticut

. Berliner Handels- und Frankfurter Bank

Swiss Bank Corporation

Dresdner Bank

-----

International Limited

Aktiengesellschaft

. KJeinwort^ Benson Limited

Lehman Brothers Kuhn Loeb.

International, Inc.

A

AhhB Bmfcof KumSt BtS.a

A%em*oe Bade Ncxtatond N.V

Al-MalCraup

Bankhaa IL/uliSuser

Baden-WQrttembcfgische Bank
AMtaflfBfAidNft

BatfischeXommunale

iandeslwnk - Clrozenlnle -

JuJJus Baerlrttemational
Unritad

Sana Q wn merc ta teltiliiHa

Bran del GoUaido

Banco di Roma

Banco d Roma per h Srtawa

Bank ftir Cemrinwlitsdwft
AlJiuHunnitfiifr

Bank of America iBtemitiOBal
Untad

BmtcefiMMtUl
Bank MeH& Hope NV
Bank of Tokyo Intonitioaal

IMtad .

Banque BnaceDefi lambdit SA.

Banque ftei^abe
da Coirim.wca Exterieur

Banque Cfiafiale
du Lrixemboing SA-

Banque Cntenationale .
AtnxemborngSA.

Banque National de Paris

Banque deNauflfe*
Schlunifwfgai; Maflot

Beifiner Bank

AbfiengenUsdofc

Bankhaus Gebifider Betfaraann

BHF-FINANZAC

BAL Underwriters
Limtnd

Chase Manhattan
Capital Markets Group
Cbue Manhattan Untiled

CWcorp International Group

Conmieizbenk

Atflengaiallidnft

Compagnie de Banque
et dlnvesdssenuents, CK

Credit Coramardal de France

Credit Industrie! d'Abace
etde Lorraine

Crfeiit Industrie! et Commercial

Cr6tfe Lyon nali

GmcfitSiriase First Boston
United

Credtanstalt-Amkverrin
Dahva Europe

lintftBd

1 Kcfaand Dans & Co, Bankiers

DfiUxGck&Co -

Deutsche Bank
A Hfangareltid i d c

DC IBANK

Deutsche Genossenachaftsbank

Deutsche Clrozentrale
-Deutsche KonununaJhank-

DSLBar*

Deutsche Stedlimgs-

Goldman Sachs
International Corp.

Hambros Bank
Limited

Hatnbutgische Landesbank

— Qrozentrale —

Georg Hanck & Sohn Banlders
KommandliseseUschaft auf Aktien

Xessisdie Landesbank

- Gftozenttale -

Hill Samuel & Co.

Limited

The Honkong Bank Group
ELE Hutton Intsmatlonal Inc.

Industriebank von japan

(Deutschland)

AWengoellsehafe

Isdtutn Ban carlo
San Paolo di Torino

Knxfitebank N.V

Uedietbank SJL
Uscembouigeobe

Kuwait Investment Company
(SA.O

Landesbank RbeinJand-Ptilz
-CSmzentrale-

UCB International
Llmitdd

' Manufacturers Hanover
Limited

Merck, Finds & Co.

Menin Lynch
International & Co.

B. Metzlerseel. 5ohn & Go.

Morgan Grenfell & Co.

Umited

Orion Kbyal Bank
Limited

PeterbroedgVan Cj mpenhoi£& Ge

Pierson, Hddring & Pierson NAC

Prfvalbanlcen

Abticselskab

N.M. Rothschild & Sons
Limited

Sarasin Internationa] Securities Ltd.

Saudi Finance Corporation

l Henry Schroder Wace & CO.
Umllod

Schioder, MOnchmeytaj .

Hengst & Co.

Skandinavlska Enskilda Banken

5od£t£ G£n6rale

Sod€t£ Gfin^rale de Banque SA.

Sod^6Gfen&ale
Saauss, Turnbull Ud

Sumitomo Trust International
limited

Svenska Handelsbanken

Trlnlotus & Buridtardc

Union Bank of Switzerland - --
(Securities]

Limited

Verband Schweiz erischer
Kantonalbanken

.Vereins- und Westbank
AkdengeseUsdalt

J-VontobriSrCo.

M.M.Warbutg-Brinckmann.

Wlrtz&Cb.

BaoqoedeP3&e£desfeys*B2S Deutsche Stedlimgs- Morgan Stanley (ntemational S.G.Warburg&Co.LiiL

_ . _ — ‘ imd landesrentenbank w.. — , ,,,

Bntfaets&GOr

Vfccfasd-Bank

Ahlw p mni rhefr

Bayerische Landesbank

Gtroxentnte

BByerbdte^irin&beric

AUe^pMBKhdfc

BngHi Bank A/S

D&on, Read Overseas
Corporation

HfrrtgnbankAVarb rag
AbfengneOsdhaft

European Arab Bank

&nnp«ift Banking Company-
l^M

GancBsenschaftflcbe
Zertatibardt AG- Vlem»

The Nlfcko Securities Co,
(Europe) Ltd.

Nomura International limited

Norddeutsche Landesbank
OrozentmJe

Den Rooke CreditbaAk
Ostmeldilaehe linderbank

AkliSflgMwflKdlSft

SaL Oppenhefan jt & Qa.

Westdeutsdie Landesbank
Qrozentrale

Westfelenbanfc

AkaejtgMoJIichafr

WllEams & dyrris Bank pic

■ Wurttembeigische
Kommunale Landesbank
CuozeutraJe

Yamalchi lntemationa!(Eutope]
limkdd

28

Financial Times -Thursday/ July 15 19 S 2 v

CoapaBies and Markets

COMMODITIES AND AGRICULTURE

Moroccan

sales decline

By Francis Ghil&s

THE REOPENING of the
world’s richest phosphate, mine
at BuCraa, in the contested
Western Saharan territory, is
not expected to affect the in-
come the Kingdom of Morocco
can hope to earn from phosphate
rock exports this year. Exports
of rock declined by 5.4 per cent
last year to 15.6ra tonnes— the
second year in a row in which
they fell.

E\-pon income from phos-
phates. however, increased by
27 per cent to reach Dinars
3.S2bn f'$636m), thanks to a rise
in world market prices. Prices
per tonne have, however,
declined during the past six
months by an a venae of $8 to
around $40m. OECD countries
account fnr two-thirds of
Morocco’s exports of phosphate
rock bn: current market trends
suggest demand will remain
sluEgi«h and prices soft.

Products derived from phos-
phates progressed well in export
markets. The value of Moroc-
can exports of phosphoric acid
increased by per cent to
D ! nars 1.3bn while the value
of pxports nf fertilisers derived
From phosphates increased by
SS ner cent to Dinars 288m.

Rescue bid for Devon
meat co-operative

Meeting on

rubber

postponed

KUALA LUMPUR— The Asso-
ciation of Natural Rubber
Producing Countries (ANRPC)
meeting scheduled for this week
has been ’put off and will in-
stead be heid near the end of
the month, the ANRPC secre-
tariat said here. A date has
yet to be fixed.

The meeting would be a
follow-up to the May emergency
meeting of ANRPC members, to
work out export quota cutbacks
for each country.

ANRPC members, Malaysia.
Thailand. Indonesia. Singapore.
India and Sri Lanka, proposed
to hold back 350.000 tonnes of
natural rubber from the market
over the second half of the year
to prop up depressed prices and
hasten a market recovery.
Reuter

BY OUR OWN CORRESPONDENT

WEST COUNTRY farmers will
be asked on Saturdays to dig
deep into toeiT pockets to save
North Devon Meat, the big Tor-
rington meat co-operative that
is in grave financial trouble.

It is understood farmer share-
holders in the «H>p 'will be
asked to find £2m, which is the
size of the rumoured loss for
1981-82. This works out at £400
each from the o.GOQ farmer
shareholders.

Company chief executive Mr
Dick Cawthom said* hoped for
cash contributions would
depend on individual circum-
stances. But already caution is
being advised from various
sources.

The NFU Is determinedly
sitting on the fence, anxious to
protect members’ interests
while not wanting to do any-
thing to jeopardise the com-
pany’s chance of survival.

This week aggressive Devon
farm supply coop Mole Valley

Farmers of which as many

as three-quarters of North
Devon Meat shareholders are
members— called on NFU to
take the lead in the crisis. In
its newsletter this week it called

on Devon NFU to press for in-
dependent inquiry Into the com-
pany’s fin knees.

Mole Valley said the NFU.
on results of inquiry should
then firmly advise fanners what
to do “in spite of the element
of risk.’’

Such a move “could well en-
sure the recruitment of suffi-
cient additional capital rather
than an inadequate response
due to lack of confidence,’’ the
newsletter said.

NDM have called in respected
London accountants Thomson
McLintock to examine their
books and at the moment this
seems to have satisfied the com-
pany's main creditors Lloyds
Bank.

However the position of the
bank is something of a mystery.
NatWest refused to extend over-
draft facilities to North Devon
some months ago- Lloyds took
over the overdraft but insiders
say /Joyds are concerned at The
position.

It is certain that Saturday's
extraordinary meeting of share-
holders at Torridgton will not
have the result of the report by
Thomspn McLintock. The doubt
is whether the company will

be able to get sufficient farmer
support without an independent
assessment of the company's
finances.

Well known Devon fanner and
HP Sir Peter Mills is taking a
leading role in the North Devon
survival bid. He will chair
Saturday’s meeting. He saw Mr
Peter Walker, Agriculture
Minister, .yesterday to seek
some sort of Government
guarantee for the company's
overdraft. Significantly Sir
Peter took representatives of
FMC, Britain’s largest meat
company, along with him.

Sir Peter said, before seeing
the ministers: “Much is at
stake. Collapse of North Devon
Meat could have a domino effect.
Confidence in farmer co-ops
like FMC is beginning to sag.”
On North Devon meat. Sir Peter
said: “Yes we know mistakes
have been’ made. Some -radical
changes will have to be made.
Financial control is not as tight
as it -might have been bat the
company must have better
farmer support. In the past
maybe farmers have taken out
too much in bonuses, dividends
and interest.”

Cocoa pact uncertainty hits prices

BY TBIRY POVEY

UNCERTAINTY about the out-
come of this week's Inter-
national Cocoa Organisation
(ICCO) meeting on price sup-
port measures were reflected
yesterday in a drop in prices on
the London futures market with
September cocoa down £8 on
the previous day’s dose at
£915.5.

According to some delegates
to the London meeting, the pro-
ducer members, who have been
meeting in private session for
two days, are moving towards
agreement on proposals put be-
fore them on Monday by the
organisation’s executive direc-
tor for a 150,000 tonne deferred
payment cocoa purchase
scheme.

Others however stress that
some of the financially weak
producers are finding it difficult
to make the choice between sell-

ing their cocoa at whatever
hard currency price they can
get and the proposed scheme
which would yield initially only
some 25 cents per lb, about
one-third of the -ICCO indicator
price for July 14.

Consumer delegates, who have
also been meeting in private,
appear to take the attitude that
it is up to the producers to
reach a consensus before they
need take a firm position.

Observers believe that should
the deferred payment scheme
be adopted then toe consumers
would be obliged to go along
with it They would, however,
make strenuous representations
for adequate safeguards for the
storage and rotation of the
greatly expanded buffer stock.

The prospect that the ICCO.
would be unable to reach a con-

clusive agreement on the
expanded buffer stock plan dur-
ing their meeting thi^week was.
according to traders, the main
feature depressing prices yester-
day. ICCO officials would not
comment on possible future
dates for discussions hut the
possibility of a late September
meeting to finalise outstanding
issues was being mentioned.

- However the impression
among both observers and dele-
gates was that pressure to make
decisions on both the scheme
and the levy during this weeks
meeting was considerable.
Under such circ umstanc es the
use of the $75m loan to make a
more limited deferred payment
purchase of 60,000 tonnes plus
soem direct purchases, a plan
backed by Brazil, could well be
adopted as a' compromise

Takeover of
Indian jute
ruled out

By K. 1C Sharma hj New Delhi *

INDIA'S Minister o! Com-
merce, Mr Shivraj Patil, yes-
terday ruled out nationalisa-
tion of the jute industry but

offered the . government’s

assistance to West -Bengal
state if it launched & scheme
for purchase of raw jute from
growers.

Demands for nationalisation
of the jute industry woe
made by members of parlia-
ment in a debate on toe jnte 1
industry which is now in the
grip of a crisis that has forced
the closure of, 17 mills.

Mr Patil said toe jute in-
dustry* faced a crisis because
of toe slump in export de-
mand following competition
from synthetic substitutes.
This had led to a crash In
jute prices, accumulation of
jute stocks and toe closure of
17 mills involving over 54,000
redundancies.

The minister said the
Indian government had taken
several steps to revive the de-
mand for jute such as com*
ptrisory use of jute hags for
packing cement- Price stabi-
lisation measures at regional
and international fora were .
also being taken.

Mr Patil said talks were
being held with Bangladesh
on evolving a joint strategy
for toe marketing and export
of jute. _

Record tea crop
in Mozambique

LISBON — Mozambique har-
vested a record 23,000 tonne
tea crop this year, beating by
6,500 tonnes the previous
record, which was achieved
more than seven years ago when
the. country was still a
Portuguese colony.

This was reported here by
the Portuguese national news
agency (Anop) quoting -an
article in Noticias, Maputo’s
daily newspaper.

. The article said a fi na n cin g
agreement with the African
Development Bank in 1980 had
aided tea crop recuperation
with new technology foT four
of Mazambique’s 12 tea pro-
cessing centres and promised
construction of two new
factories. AP

ATLANTIC SALMON

Race for survival

MIDWAY THROUGH the
salmon fl«hi*ig season catches
on rivets are down by an
average 6f 30 ’per cent, and in
some cases by 80 per cent Sal-
mon netting catches fin England
and Wales constituting So per
cent of the total catch) are
about 70 per cent down. Nor-
mally in dry seasons such as
this, with low river levels, sal-
mon coming , and going .on toe
tide are netted in especially
large numbers. These depress-
ing figures conqjrfse the first
hard- proof to at British salmon
returning to breed are in serious
decline.

Netting quotas have now been
agreed - with the two North
Atlantic . fisheries . catching
wintering salmon, those of
Greenland and the Faroe
Islands. The Greenland quota
is currently 1,190 tonnes, and
in January too Faroes agreed,
a quota of 750 tonnes for 1982,
to be reduced to 650 tonnes in
1983.

Many observers feel these
figures are still far too high.
The problem has been that in
the absence of .exact know-
ledge about the salmon’s habits
no principle on which to base
quotas* has. been established.

A possible basis would be
quotas commensurate with the
amount of lime salmon spend
in toe host country’s waters. On
the supposition that British-
homing salmon spend around
two months off both -Greenland
and toe Faroes responsible
quotas would be about 200
tonnes.

On June 28 the Atlantic Sal-

BY A CORRESPONDENT

mofc Trust (ASTI, toe salmon’s
watchdog organisation, reported
toe findings of the team which
visited .the Faroes Ushering in
Man*. The report states that
Faroese fishermen now rely
heavily on salmon, which pro-
vide an alternative to over-
exploited herring • and cod
stocks.

The salmon catch rose from
51 tonnes in 1978 to 969 tonnes
in 1981. However the Faroese
authorities would be - prepared
to accept restrictions and co-
operate in Internationa] manage-
ment of stocks, provided they
were paid a compensatory

“grazing fee” .in. return for
European salmon’s winter-feed-
f n g ~- *

Because the Faroese take all
fish over 60 cm,, which includes
immature stocks, the report esti-
mated that each tonne .of
Faroes salmon, lost IJ-li tonnes
of salmon to home waters:
Furthermore a question mark
appears to hang over whether
the- small .rejected fish survive.
Reports of Swedish and Finnish
vessels taking salmon from
north of the Faroes 2WHmle
fishing limit were disturbing.

The report recommends more
research (particularly into the
national origin • of Faroes
catches), a quota plus grazing
fee arrangement, and the pro-
vision of assistance with Faroes
salmon farming and smolt .pro-
duction programmes.’

It also suggests, on a wider
front, that all salmon-producing
nations should adopt ideal rod
and net . quotas if the salmon is
to be saved. Levies on both

commercial add sports fisher-
men should be charged in order
to fund further salmon pro-
duction, it addi _

These are considerable steps
. and suggest a more professional
approach is now urgently neces-
sary. Countries like Canada,
where- -river fishermen are
allowed a maximum of two fisfc
a day. -and Iceland, which has
outlawed aU sea fishing, have
shown that controls pay dlri.
dends. . Conversely Ireland's

uncontrolled west coast drift-

net fishery has demonstrated

that abandoning controls results
in the* salmon’s rapid dig.
appearance. .

Increasingly off-shore drift-
net fisheries look incompatible
with 'salmon’s survival. • The
Northumbrian fishery took
47,000 salmon on toe open sea
in 1978, mast of which were
destined for Scottish rivers. It
eliminated the run of salmon
to toe Tyne and Tees a long
-time algo.

A dmir al Sir Hugh Mackenzie,
Chairman of AST, argues that
it makes a nonsense of -proper
management . of salmon indi*.
crimlnately to net fish -at sea
which are homing to parent
rivers to breed. If salmon nes-
ting was restricted to estuaries,
only local fish would be. caught.

Sir Hugh would also like to
see too standardisation of . laws
relating to salmon betweep
England, Wales, Northern
Ireland and Scotland. And toe
same rod licensing system for
Scotland as exists for England
and Wales.

London copper upsurge halted

BY RICHARD MOONEY

THE UPSURGE in London
Metal Exchange copper ■ prices
was halted yesterday afternoon
when an expected 'further rise
in New ' York * failed to
materialise. . - <

Increased Middle East tension
plus a continued reaction to
recent interest rales cats lifted,
copper values on the LME
sharply in early dealings, toe
three months- position, rising as
much as £16.50 at. one stage.

But the market turned sharply
lower following toe disappoint-
ing New York opening wiping
out toe morning's gain. After
steadying a little near the dose
cadi high grade copper finished
£250 up on the day at £853,50 a
tonne only -to lose ground again
in alter hours dealings.

Yesterday’s market perform-
ance tended to confirm toe view
expressed by some dealers - on
Tuesday that the speculative

rise, which had lifted cash
copper by £74 in a week, had
been overdone.

In Lima. Peru, meanwhile it
was announced at the end of a
two-day meeting of the Inter-
Govemmental Council of Copper
Producers (Cipec) that a special
committee -had been set up to
study methods for raising toe
world price of copper. Options
under consideration Included
delaying export shipments.

LONDON OIL
SPOT PRICES

'Change

■ Latest '4- or-.

CRUDE OIL-FOB ifi per barrel)

Arabian Light '30.9051.00,-0.30

Iranian Light 50.5031.00 +0.20

Arabian Heavy 28.5029.00'— 0.12

North Sea > Forties).. 32.50 53.00 -0.32
Alricani Bonny LVht> 33.00-34.50 —0.30

PRODUCTS- North West Europe

CIFtS per tonne

Premium gaM>Hno...'337-345 1-0.5

Gasoil i264-273 5.5

Heavy fuel oil. '164-170 i+2.0

GAS OIL FUTURES

The Iranian offensive against Iraq
pushed the market sharply higher on
nervous short-covering and some new
position taking. The price fell back
later in line with physicala. reports
Premier Man.

~ Month _ iYeiifday'iR* or | Business
Montn | close 1 — Done

8 U.S. I
per tonnel '

267.00 J +4.751270 .00-60.00
271.76 1+2.75,278.50-71.25
272.35 +228 276.75-71.50

273.00 +2.751275.00-74.26

277.00 +3 JO 281.00-77 JO

378.50 +2.26 283.00-78 JO

279.50 + 2.00277.50

283.00 +3.00, —

+ 220i -

BRITISH COMMODITY MARKET

BASE METALS

months 0.030. 25. 20. Turnover, 774
tonnes.

July

August

Sept —

Oct-

Nov -

□ee .

Jan

Feb

March. I 282iso

BASE-METAL PRICES were erratic on
the London Metal Exchange following
the fluctuations in gold and other
precious metal prices. Copper surged
to £877 in initial trading but loll away
sharply to touch E855 as Comex
opened much lower than expe cted.
Thereafter the market rallied to £865
prior to closing the lata kerb at
£861 .75. Other metals followed suit,
with Lead finally £3*9. alter £35*. and
Zinc £437.5. after £444. Tin was barely
changed at £6.785. Aluminhitn closed
at £580.5 and Nickel at £3.015.

~s.m. "|+ _ orp pjnT

NICKEL

a.m.

+ or

p-m.

+ or

Official

Unofficial

-f

Spot.

3005-6

+M.6

3010-6

+272

3 months

3030-6

+ 30

j 3030-40 .+172

Turnover: 4.388 (5.060) lota of 100
tonnes.

COPPER Official | — [unofficial

GOLD MARKETS

Gn!d rose SI- an, ounce from
Tuesday's close in the London
bullion market yesterday to
finish at $349-350. The metal
opened at $356-357 and rose to
a bust point of $359-360 in good
two-way business. However the
pn.ee fell away after the entry
of U.S. centres and finished at
lowest level or the day.

In Frankfurt the 12* kilo bar
was fixed at DM 1IS.3S0 per kilo
($354.00 per ounce » against
DM ‘J7.010 i $338,761 previously
and closed al $352i-353j from
$3521-353.

In Luxembourg the dollar per

fl

LONDON FUTURES

HlghGrde
C«sh„

861 -.5 ;+T2.7
870-.5 1+16

853-4

+02

3 mths

863-4

+J8

Settlem't

861-.5 f+12.6

—

Cathodes
Cash-

831-8 1+42

886-30

+1.5

3 months

849-61 1+10

842-6

+1

832 j+4

—

U.S. Prod.

— 1 —

•67-71

+ or
-t

£

• Cants par pound, t MS por kilo,
t On previous unofficial close.

SILVER

Silver was fixed 23-6p an ounce higher
for soot delivery in the London bullion
market yesterday at 384.0p. U.S. cant
equivalents of the fixing levels were:
spot 862c. up 38c: three-month 686.1c.
up 38.8c: six-month 708.1c. up 40J>c;
and 12-month 752.8c. up 412c. The
mete! opened at 378-381 p (6 52.656c)
and closed at 374-377p (645-640C).

Sept 113 East Coast, Oct 115.50 East
Coast Scotland, Jan/Merch 123.50 East
Coast sellers. Sept 112.50 paid Col-
chester. Maize: French. July 136 tran-
shipment South Coast seller. Barley:
English Feed fob. July 104 Boston. Aug
104.50 East Coast Sept 107 East Coast
sellsrs. Oct 109.50 paid East Coast
Scotland. Rest unguoted.

RUBBER

The London physical ■ market opened
■lightly easier, attracted little interest
throughout the day. end closed quiet.
Lewis end Poet recorded an August fob
price for No. 1 RSS In Kuala Lumpur
of 201-0 (202.0) cants a kg and SMR
23 176.0 (same).

Mo. 1 | Yest'r'ys i Previous j Business
USA j close ' dose | Done

PRICE CHANGES

In term as unless otberwiee

AMERICAN MARKETS

Metals . .

Aluminium— _tf8iO/815L

Free Mtt.-. ... j|970/10qoQS

Cash hg rad ii'" l£853 2

3 mttii t*844

Gold tray oz .... 1 3349.5

Lead Cash. .—£354.75

3 mths~ J*347JI5

Nickel '_JMQ8Q

Free mkt Iz35/265rj

Month

lYest'rdav's +or : Bu sines
cloao I — Dona

£ per troy ! I

ounce i

August 1 204 .40-4 JO +0 JfiO.2 10.00 -03J

Sopfmb 1 r;206il0- 7.20+1 260 2I0A-O8J
October ...' 1 2Q7.9O-9.« l +IIA50;212. 1098 A
November , 209.60-112.+1.800 ; 213.7B
Decembers 10.50-3.4k+0.72S:!14, 10- 10.0
Januar y 212.6 O -5.00 h- 1. B5Qi —

Turnover 1.201 (303). lots of 100
ounces.

ounce equivalent of the 12J kilo
bar was $356.00 compared wife
$337 on Tuesday.

In Zurich gold finished at
$350-351 from S343-344.

July 14

July 15

Gold Bullion /fine ounce)

Close ,5549 350 i £20 3 U -20 3 So 18348-349

Opening ¥356-557

Morning fixing. . 93S3-'j
Afternoon fixmg.S35.2-i

i£206i«-20?|
i £204.8941
(£204.516)

,8337-338
8339.00
I S3 53.60

(£202-2021*)

(£195-19519)

(£195.3011

(£203.7811

Amalgamated Metal Trading reported
that in the morning cash Higher Grade
traded at £862.00. 61.00, three months
£874.00. 75.00, 76.00. 76.50. 77.00.

76.50. 76.00. 75.00. 74.00. 75.00. 74.50.
74 00. 73.00. 72.00. 71.00. 70.50. 70.00.

69.50. 70.00. Cathodes, caih £837.00.
34.00, 33.00. 32.00. Kerb: Higher Grade,
three months £368.00. 67, 68, 68.5. 89.
70. 71. 72. 73. 73.5. 7*. 73.5. Afternoon:
Higher Grade, three months £862.00,
61. 60. 59.5. 69, 58. 57. 56. 55. 56, 57,
57 50. 57. 58. 59. GO. 61. 61.5, 82. 62.5.
63. 63.5. 64. 65. 56. 64. Kerb: Higher
Grads: Throe months £864.00. 65. 66.
63. 64. 63. 62. 61. 60. 59.5. 80, 61. 62.
61.3. 61. 60.5. 60. 59, 59.5. 59. 60. 61.
61.5. 62. Turnover. 62.375 tonnes.

! a.m. VoT" p.m. l+or

TIN ■ Official - Unofficial | — t

High Grade £ £ ' £ I £

Cash 6645-50 -15 i 8640^ i~12.fi

3 months 6785-90 -10 , 6785-90 '-7A
Settlem't 6650.50-15 [ —

Standard

Cosh 66-4550 -15 66405 Ll2.S

3 months 6785-90 —10 , 6786-90 i-7J
Settlem’t 6650 -15 —

Straits E.:S29.15 : — .• —

NewYork — • .....

SILVER

por

troy oz.

Bullion

fixing

price

+ orj

' LMi. j+or
! p-m, 1 —
Unofflo'lj

8 pot

3 months.
6 months.
18 months!

384.00p

59S.40p

406.40p
486.40p !

+24;3

+247I

374.5p

385.5p

+525

+3.76

LME — Turnover: 1

[68 (138) lota of

Aug .„! « 20-6020 I 4320-49.801 —

Sept. 5020-50.30 I MJ0-M.1W —

_ Oct-Dec 51.60-51 JO ! B1JM1.70 BL7MU0

ois.

395.0. 95.5. 98.3. 96.0. 95.5. 95.0, 95.3.
93.5, 94.6. Kerb: three months 395.5,

96.0. 96.5. 97.0. Afternoon: three months
383JJ. 84.0, 84.6. 84.0. 85.0, 88.0. 87.0.

86.0. Kerb: three months 384.0, 83.0.

82.0. 81.5, 82X1. 84.0.

COCOA

Futures were barely steady on trade
house selling due to the uncertainty
or outcome of the ICCO talks although
ctio recovering at the close pared the
earlier losses. Actuals business was
again quiet, reports Gill and Duffus.

Jan-Mar M JO- 64.70 64.fi0-M.6O 54.7044 JO
Apt-Jnel 57.20-67 Jfl fi7JBJ7J0 , J7J9-88J0
Jly-Septf 002600.10 BO.BO-SO.lflJflO JQ-59J0
Oct-Dea 022662.70 02.B662JO -

J'n-Meh tt JO -85.40 B6. 10-66. 20,66.50- 65.10
Api-Jne | 67.90-60 JO 67.70-67 joj -

Sales: 142 (85) lots of 15 temnss, nil
(same) lots of 5 tonnes.

Physical closing prices (buyers)
were: Spat 48. Sp (4850p); Aug 57.75p
fSI.OOp); Sept 51.00p (51J5p).

SOYABEAN MEAL

The market opened about £1.00
higher on short-covering, reports T..G.
Roddick. Tightening of old cfp’p
supplies held prices steady in thin
conditions. .

Pfetid'mtr ozV£260

Freemkt. !£174.15

Quicksilver) * 6360/370
Silver troy or_. 384.00p

3 39S.4Ga

Tin Cash .{£6642.5

£810/815

3386/6*5

+2.5 £729- ,■
.+3.76 £751 .7

+1.6
1+1
+ 1
+4.5
+6

£7205
*743.75
8317.36
[8291 '
fiaoi.25

”~~^40tf70o

£280

— 0.4 8154.90

>6370/580

+28.6 310. 15p
+24.6,3 19. 60 p
l-lf2|fiS7S5

53501:41511; (£203* 204)
SIB6U 1B71; (£108-108 Sfi)
(£55.5S5»)
i£23ifi-23.
i £203 V 204)
l£4Sl;^83;|

Gold Coins July 14

Krugmd

i? Krug .. .

>4 Krug 998-96

liio Krug S5Bir-39ir
Maple leaf S3£Ot-.351l;
New Sov 983 >c-84

;King Sov
Victoria Sov
jFrench 20s
<50 psos Mex.
100 Cor. Aust
|S20 Eagles

888-90 (£51-521

888-90 (£51-521

S76. 1-86.3 i £44 la-50)
8429.6-422.1 (£249 i4-2503.il
S34Z.5-544.fi (£180Ss-2Oa>
3395-400 i£229ta-232)

Tin— Morning: Standard, cash £0,650,
45. three months £8.790. 95. 90. Kerb:
Standard, cash £6.640, three months
£6.780. 90. Afternoon: Standard, three
months £6.730. Turnover. 6.1CB tonnes.

COCOA

Yesterday's

dose

£ per tonne

+

I

Business

Done

July...,

866-70

-14.3
— a.Q

87668

924-07

March. _.

987-89

May ...

1009-10

1036-39

—8,0

1023-03

Sopt-

1046-48

-7.0

105648

Yesterdya

doee

+_or

Business

Done

August

October —

Deo

Feb

April

£ •

per tonne

12726-272

15DJHJ-BL2]

15420442

157.504821

15B2B49.0

+1.J

+ 1.58
!+U«[
+ 120
+ X.78

127,262720

150262820

154204520

157.00

— ESTABLISHED 1879

RACHE

OFFER THE FOLLOWING
SERVICES:

Trading Gold around tic clock', weekly
hind.imon^l anrf technical outlook on
all American and UK markets. Com-
neiiry fund maiucrmtnL computer
trjding s'. stems We cater for tt»e
small intrstor hr often ng a trpkcresc
service on a wide varlctv Of mini

contract-.. For further information on

the ai«»c write to the Mananlne
Director Cache Halsey Stturt (London)
Ltd.. Plantation House. Fcnehurth
street. London EC5M j£P.

PERSONAL

ATTRACTIVE N.W. LONDON

RETIREMENT HOME

Limited to 6 occupants
Applicants Invited from cultured
Individuals who can contribute
financially end by way of service to
provide 3 congenial household. A
non-profit association contamplatsd.

Please write Bax A 7916
Financial Times
10 Cannon Street. EC4P 48Y

CLASSIFIED ADVERTISEMENT RATES

Per

Single

column

line

£

cm

£

Commerctal and Industrial Property

SLPO

27.50

Residential Property

6.60

20.00

Appointments

8.50

29.00

Business. Investment Opportunities

8.50

29.00

Businesses for Sale/Wanted

S.5Q

29.00

Persona I

6.00

20.00

Motor Cars

6.00

2a 00

Hotels and Travel

6.00

20.00

Contracts and Tenders

a 00

27.50

Book Publishers

—

•net 12.00

f I^UIIIAUl (AT9IUUIU GIOIMUIC

(Minimum size 30 column ems)

£6.00 per single column cm extra
For further details write to.

Qassified Advertisement Manager
Financial Times, 10 Cannon Street, EC4P 4BY

' a.m. 1+ ot
LEAD | Official 1 — j

K-tTli

Unofficial

+ or
-f

■ £ i £ ;

i £

£

Cash 3362-7 (+« |

334-5.6

i+42

3 months 348.69 ,*7 1

347-.5

[+e

Settlem't 337 (+8 1

U.S. Soot — I

-268 |

1 ....mm

Load— Morning: Cash £338 00. 37.50.
three months £351.00, 51.50, 52.00.

51.00. 51.50. 52.00, 51.50. 52.00. 53.00.
54- CO, 52.00, 53.00, 52.00. 51.00, 50.00,
45.50, 49.00. *8.5a 48.00, 48.00. 48.50,

49.00. Kerb: Three months £348.00,

48.5. 49, 49.5, 50. 61. Afternoon: Three
months £345.00. 46. 47. 46, 46.5, 45.
46. 46.5, 47. 46.5, 47. Kerb: Three
months £3*8 oa 48.5. *8. 47. 48.5. 46.

46.5. 47. 48. 49. Turnover. 22,390
tonnes.

Sain: 1-479 (2.063) lots of TO tonne*.
•CCO— DaiV price for July 14: 72.24
(72JT7). Indicates price for July 13;
72.6V (72-98).

COFFEE

A firm New York does prompted a
Stronger opening, reports Drexel Bum-
heme Lambert. Pnces retraced slightly
before further trade buying encouraged
a second advance.

YeaTday el + or

Business

dose

—

Done

July

1260-63

+51.5

126640

Sept,

1108-10

+ 232

111694

Nov. . — >.

1031-38

+ 20.C

1D3619

January

9994)5

+ 13.6

M 007-96

March

97684

+ 9.0

99676

May.

960-76

+60

Juiy — .. —

960-64

+ 12.0

9 SO

i a.m. 4- on pjn.‘ ;-f~or
ZINC | Official — [unofficial! —t

WHEAT

£ ‘ £ j £ I £

Cash 434.5-5.5 +2.25' 435-6 Ujj

3 months 439.5 +5J ; 438.5-9 l +2 BRAINS
S‘ment_. 435.5 .+23 1 _ j .

Primw t ts' — I 37-40.5 ;

Zinc— Morning: Three montbg £444.00.

43.03. 44 00. 43.50. 43.00, 43.50, 43.00.

42JJ01 42.50. 43.00. 42.50, 41.00. 40.00,

39.50. 39.00. 39.60. Kerb: Three months
£440.00, 41. 41.5. Alta moon: Three
months £437.00. 38. 38.5. 375. 38. 36.5.

Kerb: Three months £433.00, 37, 37.5.

Turnover, 18^25 tonnes.

f 3 - 3915 'ota of 5 tonnes-
•CO Indicator prices for Jury 13:
( V.-5 - cents per pound): Comp, daily
e "’«’

Seles: 61 (82). Tote of 100 tonnes.
SOYABEAN OIL— Opening prices were
higher an better cash markets parti-
cularly nearby positions end held
steady. Closing prices end business
done (U.S. $ per tonne): Aug 484.00.

439.00. 486.00-485.00: Oct 4865a 48950,

488.00481.00: Doc 487.00, <88.00.

488.00: Feb 485.00. 496m 485.00: April

500.00. 504.00. un trad ad; June 505.00.

525.00. uhtreded: Aug 516.00, 630,00.
unvaried. Sales: 82 (TO) Iota of 25
Tonnes. .

SUGAR *

LONDON DAILY PRICE— Raw sugar
£128.00 (£121.00} a tonne eif Jury- Aug
shipment White auger deity price
£162.00 (£168.00).

The market opened about unchanged
but slipped back on longriiquidaaon.
Support became apparent. *t the Iowa
and prices recovered, reports C.
Czamikaw.

Business

done

3mths.7~ ~ £6737.5 i-’IJi
Ttmgsten22.0lbiS108.48 1

Woifrm22.4Nba|8ilK11B __^H8111t1M
Zinc Ceafi— T_)£436^ +1,6 8587.6
3 mttt« ~tB458.75- +2 C3BS.75

Producers. -JS800 . . |W00- •-

°Ha I I

Coconut (PhlD: fi488y ^JlBOfi-

Groundnut — t ; •

Linseed CrucTep366 J • t '

Palm Malayan |S420w +2J5 [*482.8

Seeds- I. I

Copra' Ph Up _; *320 6340 •

Soyabean (U^0l*2 69 1*258JB9 ■

. Grains j • J

BarleyFut. Novjfiioa.io: -Q.1ffXl04.8O

Maize 5136.00 _Sl36.75

Wheat Fut-Novj£llS35 +0jW£lO8.70

NoJ8HardWnnt| t J t

Other

com mod Hi •»

Cocoa ahlpt; £951' . _ .

Future Sept £8166 . -8 •’£875.6
Coffee Ft* SeptfiXOB . + B5.5X1 126.6
Cotton AJndex79.00o. +0JB 7E.80e

Gas OH Aug !«271i75 +2.7W8B82

Rubber (klle)+}48JI5p - -0 jfi»7J5p
Sugar (Raw)._ £lBSv " +7 tB95

Woo it ’ps Mi kL(388p kfloj !557p/dlo

* Unquoted, x Aug-Sept. v Juiy-Aug.
wAug. t Per 164b flask. * Ghana
n Nomirral.

NEW. YORK. July .14..

* Precious metals declined eharpiyfrom
. preftt-teking eod trade . selling ■ for
producer accounu. .Copper continued
ns advance an reports of purchases by
PRC (China) end the tense aitueiion in
the Middle East. Livestock rallied on
massive technical buying except for
pork bellies which finished mixed. Hea+
ing ail advanced on the break-out of
hoapiihes between Iran end Iraq, Coffee
filmed - on reports 'of co[der : weather
returning to Brazil, ‘ reports Haihold.

haa 66.25

(64^30). Sept 65.66-85.90, Dec 68.10- '
2? 2£- •?*? Meieh 70.80-70.70. May
71.90, July 73.35. Sept 74£0. Dec 77.00,
Meroh 79 JO, May 80.65.
Selee: 9,500. -•

(ra«nd white*)— Nov 89.0
S ’s.^TO 79 - 5 ' 800 < 77 ' 5 >' *

«S l h? ,fc 7 ,U,y ^5-° < 864 5 )' Aug 650.0
Sept 855:0-680.0, Dec 679.0-

we i J ?' , JRA.‘ M#rBh 706J - Way
72Z.6, July 738.0, Sew 754.4, Dec 780.0.
Jen 788 J. March 804.8. May 82L0.

( W5°00). nd - H,rm,n fau,llon *POt 847.00
„ 11: Sept 9.00-9.05 (9 61)

Sr** (®-W- J«" 8.55-8.75! '

I a,4 " ia2 ^ May 10.31-10^8’ July

1 °TW^S t J! 0 e 70 ' ,0 ’ a5 ' Dct 10.83-10^3.
Tm— 537.(XL64q.00 (539.00-54Q.00).

Inert i-ff 1 - , CH,C * G °. July 14 .

.. W^CWCago loose 21.75 (2ij»). . .

■ ® 4 -^-84-90 (64.15),-.

* 9*1 I 81 - 50 )- Dec B2.a2-62.85

SrSc 56,85-56 - 66 ' Fab 54 -00-54- CS

iSj'JSs 8 ' Jun * B1,40 ' Jufy
“jgL Mfv 288V jJ-Sfe

. Bel|ie»— July 78 50-78 75

J 48 ? 75 ^ 0 WWJ.vKh

gHo**’ 90 "' 5£f;

^ 8 -

DSwtan Meaf— July 182.6- (183.5).

WW, Sept 181.3-
Oct 181 A Dec 185.3-185^, Jan
4eZe'J®Z'Z* March 191.S-192.0, May
189.5-197.CL July 201.5-302.0. *

Soyabean Oh— July 18.35 (1&85),

A&mtlnm

ajn. |+or
Offlolai j —

pjn, }■
Unofficial

3 months

*

570-1

8SO-.S

e 1

+82

+8

£

863-4
682 ,0

Mnth

YestertTys

close

+Or

Yeat'rtTys
. close

+?

sept.

110,13

104.85

— 0.06

113.85

+UJI

108.10

—a to

Jan_

117.60

-

111.65

Mils

Mar.

May-

12025

124.4/3

—02b

-026

114.86

118.16

-0.19

—0.16

BARLEY

Aluminium— Morning: Cash £570.00,
three months* £595.00, 99, 98, 97,

96, 95, 96, 94, 94. 92. 91. 90. 90.5.

Kerb: Three months £530.00, 89.5. 90.
90.5, 91. Afternoon: Three months
£584.00. 82.00. 32.50. 82.00. 81.50.
83.00. 33.50. 83.00, 82.50. 82-00. Kerb:
Three months £583.00. 82-6. 82. 81.5. 81.
80. Tumovvr. 21.750 tonnes.

NfefceL— Morning: Cash £3.006. three
months £3.040. 35. 30, 25. Afternoon;
Three months £3,020. K*tb: Three

, done— Wheat Sept 11030.

110.15, Nov 114^0-113.88, Jan 11760-
H7.W, March 121^0-120^0, ^ 124.70
only. Sales: 197 lots of 100 tonnes.
Bwley: Sept 104.45-104^5. Nov 10625-
J” . 111-70-111.55. March
115.10-114^5 l May no trades. Sales:
96 lots of 100 tonnes.

HGCA — Locational ex-fern spot
prices. Feed barley: Eastern 100.00:
L Midlands 99.10. The UK Monetary
Coefficient for the week beginning
Monday July 18 (based on HGCA cal-
.culasons using S day's exchenge rates)
is .expected to remain unchanged. -
LONDON GRAINS — Wheat: U.S. Dark
Northern Spring No- 1 14 per cant. Aug.
111.50. Sept 110.2S. Oct 110.75 tran-
shipment East Coast. English Feed tub.

- - £ per tonne

Aug — JT5L7W5.W[in.75 : 2B.a0;lSLOM7J»
Oct... J J5WW8.8618MH5.85ll40.2WMe

Jan I44.UM6J0 14UW6.60I -

March'ilBO Jffl-Blifl) 147^847.60 I51.8U8.S0
May^+J TBS.B6S4,W:lB0.(kLM.<fl 158JM9JE9
AugZJl67JW8 JBl T53JW4 J0[ 156 JO
Oo£Z.|l6BJMB.7BllS7JBJ7.gl 16 0 JO
Seles: 5.893~ (fe.409) lots of 50 tonnes.
Tm sndo Lyle delivery price for
-granulated- -be sis . white sugar . was
£406-90 (seme) a tonne for home, trade'
end £235-00 (£227.50) for export.

international Sugar Agreement- (UsS.
cants per pound) fob and stowed
Caribbean pons. Prices for July 13:
Dolly price 8.46 (3.12), j&-day ( . average
184 (7«43J*

WOOL FUTURES

LOND ON NEW ZEALAND CROSS-
BREDS— C/oee (in order, buyer, seller.

_ business)- New Zealand cents per kg.
Aug 377, 387, 382-3B0; Oct 398, 400,
404-400; Dec 407, 409. 411-409; Jan
407. 409, 412-409: Mi/ eh 420, 422. nil:
May <30, 437. 435-434; Aug 43B, 448.
445: Oct 440. 447, 446; Dec 441, 460
ml; Jan 443, 452. nil. Sales: 76.

SYDNEY GREASY WOOL-^Ctose (In
order: buyer, seller, business). Aus-
tralian. cents per kg. July 662.5, 653.0.
5B3.0-S50J* Oct 512.6, 613.0. 513.5-
t

"INDICES"

Aug 18.80-18.78 (18.92)’, Sent 18.92-
18.91. Oct 19.10-19.1Z Dec 19 l 5Q-19.52,
.Jqn 19(75. .Mend) 20. 05.' “May 20.35,
July 20.46-20.50.

tWheat— July 337 (332>»). Sept 349L.
'349 (3W,). Dec 372V373. Marcr

388^388^ May 385. July 391.

' ■ WINNIPEG. July 14.

§Bariey— duly 123.4 (12Z8), 0c|

JiSt 1 !?’ 8 iil 7 ,- 31 ' D<,c 118 9 - March

123.5. M»y 12B.Z r ..

cent* ' per pound ex-warehouse
unless otherwise stated. *S per trey
“PI™' ... 1 Cents- per troy ounce,
tt Cents per 56-lb ‘ bushel. Cents
.A * par short ton
liSCan. per metric ton.
5f S par 1«000 sq ft. t Cents, per
doreft.-. ft 8' per metric ton.

Mondays closing prices

, z l ^ w Y0RK - Ju iy i3-

1438 (1478 >- Sept

<1 i s ^ >, -( 5£ : 1 f 38 ‘ Mw 1605 -

Jmy 1689. Sept 1726. Safes:

J * J » r 13S °0-
S,pt 1 22-7S-122.B
H®-* 1 ). 116-50-116,90, Mar 11326-

219-fO- M"y 109-05-109.10 July W5.00-
225-2S* SBpt 103.10-104.00, Dec 102.00-
lyZeSO- • ...

* °°* 7Z00 (71^8).
g® 0 - m-35), Mar 1 76 C5.

July 77.9D-78JB. Oct
779J-78.00. Doc 7610-78.50. Sales;

^ He^ng Qifi-~(cen<u per U.S. gallon);

Sspt mjD -

2ee2-'JCKl’«. ODt 8 8-®M8-80- Nov

90.00-90.30. , Jen 90.X*. Feb

9, - 5 °- ^ xm -

..P™" 96 Juice— July IK, 65-1 26.00
128.30-128-80 (TS£51.
Jw 127.8IMCT.96
5S 1 aP 8 /**' 13010. July 131 JD-

13380 SWt 132J °- 13;; - 50 ' Nov 133-40-
.•Hetlnum— duly 305,2 (288^1. Oct
SS* 7 ). Jan m’

330.5, July 3361. Seise: 4,464.

__ CHICAGO. July 1Z

• Immjiold-Gept 361 .0^382.0

Dec 9TO.5-373^ (368.6). M»
386.3.. June 3S9.0. Sept 411.9.

All cents per pound ex-warehouse
unless. otherwise anted, *S per troy
1 Cents per troy ounce.
?® r . bushel, t Cents
bushel. H S par short ton
OOQO lb) v# 5SCen. per metric ton.
M 6 . per T .000 sq ft. t Cents per
dozen, .ft * per metric, ton.

FINANCIAL TIMS

July 13

Y*arego

S3B.63

234-8l | 226 A3

26026

REUTERS

July 14

Jufyi^

M*th-ago

Y’arago

1676JJ]

I660j8 J

1499a

1704.3

MOODY’S

Juiy la July i&fM'tb asojraraso

1004.4 | 999JI f 974jl 1069.1
(December 31 1931 - 100)

DpWJONB-

DOW |

Jonas

July

13

Month

Year

ago

Spot

Futr'a

125.141

126^5]

124 . 64 ]

124J»1

\1a1M

119.771

_ —

(Base; Diesmber STWA.- IOO)

EUROPEAN MARKETS

ROTTERDAM. Jufy 14, - 122^0, Qct/Dec 121 .50, Jan/Mareh' K

'JJ9*“--(U.S. ; S per tonnel ; LLS. No
TwoRed Winter July. 141. U.S. No Three

sellers.

1-™L •’rarer jury. i«.U.S. No 7Ttree „ SW^nMU-Sl per tonne): U.S
Amber Durum ‘July 169. Aiig 170. Sept' tWo- Y ellow Gulf ports July 253. Aug 23
173. Oct 176: Mrtv nftUn - nnwiaM hi *> Stot 2S4. Om on cm rv

173 Oct 176: Mov 178.50! Dec “is£ U.S.

Y.°. T< I?, N ° nham Spring 14 per 'cent

17? 1ZL Seat. 173, Oct

179- Nov 177.50, Dec 182. Canadian

Western Rad -Spring Aug 197. - ““v- "*»/» win 426.50 traded; sRo

Maia-fU.S4.por tortrreV U s No w J * l I y 217 - D f. u 9 Sept 220, 0

apjrw-a; 5

&yt 2S4. Oct 2*7.50. Nov 247^0. Dei

i a 2 ^-J" 3 2825a Mffrd

2K.G0, Apri 269.25 seliers-
: _ Sa 7»reHV-3-6 per tonne): 44 pe
S?? , N ? v <5fS reh 328.50 traded: sBoe

7 \f D,r ^r aa0 -71-50. low

low 79^0): Nov. 63JS0, .‘-1J2D fun-
iradad). Turnover;. 2U (5151 lots or
40 tonnes. - - .

_ HI DB — tirade: The' marker was
raedy. Second deers, ttc 31-35.5- kg,-
f 8 - 7 ^ • (564p); 26-30.6 kg; S7JSp a

. *8

«jp-

e kg (S2.6p). - • . - -

512:6: Dec 5160, 6260, NMOft
Mereh, 525.0. 6260, 524* May 5268,
530-0, untraded; July 5373, S65.
638A Oct 533.0. 536.0. imtrsded; Dec
&3&5i 538.0. untraded^- ~Saies= 75^ ’ ,

COTTON _; 4.

UVBWOOL-Spot end shipment sales
amounted to -lOptopnes. . Busin sex -was
e litrie brisker, although a gdnd deal
of werinees wss diepisyed - by
cuetomsre. with svsrage.prices still
moving upwaqjs.’.dealen.'were Indinad
to ope rets sparingly. -but. sbnw- Middle -
Eestem v» ri etioe .were under cohsidBra-
tiore. ; "

POTATOES . "

London potato RjnjftES-^-The'

market - was quiet,- slightly earner end
lacking' direction,, .reports Coley and
Harper- Closing price#:: Nov 56.80
- 0.20 (high *68.80, low 66.10); Feb:
eajia - 0.10 (high 83. «a, low B2-T0);

MEAT/FISH

COMMlSSl'ON-*~Av*rege fe|-
markets-
P" r k9. lvr /-.1;B0);

/ «ge $BMg per kg *M

,( -4^). ■ - ■ " -

S^_B ; D--Pe n co iber pound. Beet-
Scotch killed sides 78.0 w 83A-.Ul»w
SjftfaS 96.0- to *97.0/ forequarters-
iS'SvX 8 ' V ** ,; °vtch Wnde.,*nd
S* » 125-5- Umk English
•mall -61 J to BdO. medium;S8« to
10 69-0:..Scotch heavy
^Dartsdr Nsw'Zeslend'Pt '

*? 10 fi 2 * 0 * Englisb,

Si ,n L 1 «e ,b -2i 0 To W*0. .TOOrTto-ib

:■ good;.

aemana :goot£ . ..Prices, at ship's* ■side'

*]"»«: Shelf

' MdHnge. £3JX7-E4,70« large ;
haddock £2.50-E4Aa * medium V £2^0>
ei-dOCLMU-taw. plgipa-;
C4.00-S6.00. bKrt.
araetl E3.00-E4.ffl; lemo^ sofas (large) •

("‘•diwjVMAO: rocMieH CUM

reds £1.20.£Z40; eaithe £1^0
tor til-

wwc of produce, m.ererttiq per pick
•»•*»«(« wh*r» otiierwiBB stated
Orenflw^Oumwn
"« 5.70. 56 6.35. 7.

® Wtt.lia'SJO: 138 4£5. ttl

''HSfSW" f^ 100 *** *

SWM*ia: pay:
Outspw: 15b ks
507180 S^l>2.00. Grepefrart — Jaffa
iPJS 8 JPl 4 * 2S i 32 4-46. 38 4.65, «
W 6.15, 75 4.95,
Sou* African: 7? 4.75. 33
48 56 5 50
644£0i 72 4,50— Ruby some as Whim,
^Wriee— Frmicit: Gulden Defe'cmus 1(
• Tesmanlan: Jortattar

11-00, Grerwry Smith 9-00-10.00. Star,
-met fippins iOAO.ii.QO; Awtrtfcwi!
Granny Smith 950-10,50; New Zeeland:
. Granny 'Smith 10.00-11,00, Stunners
JJWIR. R»d DougWy 1-1 ,50-l2.50i
, arezdien: Ji00wl2^0; Scuth AfownJ
Granny Smith S.OO’-IOJSQ. Golden Do-
r,W«to 11-00-1 ISO; -xprt! hnperiafs 9.00-
J6-6J U.S.: 18-kg Red Dehoouk 9-W-
13.00. Paare — Spanish: per pound
-MaraNnl 0.280.35. Lmwu 0.2WL35:
French: Guyot 291b 7.00. Fe^me—
Muhan: large trays '2J30&M, eandard
tran "2.50-4.00; French: A/AAA 4.00-
4^0. * Plums— -J teflon: floranda per
-oottnd 020: ‘Spanisht. 11 lb Sent* Road
: MMdfi.- Gevlow 0-30-0.50. GrapeP--
loreoh: Partwtto Thompson fi.afc

GNteafK- MMir-8.00.4ed Emoemf S.CW
Cnmnn - in ft» .: C4i«inl 8£08J»»
Sintra 7.00. Fs^lem ^ .

i

For all its efforts to use its local autonomy to develop as a financial
offshore centre the Isle has been confounded by the world recession and the inability
of its small bureaucracy to cope with the problems involved in seeking international status.
As this survey shows, however, the commitment remains strong.

Difficult times
in Douglas

BY ANTHONY MORETON. Regional Affairs Editor

tillCll

•THESE AR E difficult times in
Douglas. In the past 10 months
two of the Isle of Man’s 48
licensed banks have collapsed
-and ' the Many - Government
was forced in the second case
to attempt a rescue operation.
-The economy is flat, there has
4>een strain as a result of the
^decision to tmdertafce two major
'-capital programmes, unempioy-
inent is at its highest' level for
.years and there are fewer
•tourists than : for some time.

It Is the bank crisis that' is
causing the most anguish at the
moment The affairs of Inter-
national Finance and Trust Cor-
poration, .which called in the
liquidator last autumn, have'
still to he settled. Meanwhile,
the Government was forced to
admit failure on Tuesday In its
.-attempt to rescue Savings, and
• Investment Bank, which had its
licence withdrawn on June 25.

These difficulties would pre-
isemt problems for an advanced
financial community. For a
-.small country they are a grave
. blow, die more so because the
.-island projects its status as an
-offshore financial centre bn the
^back of political stability and
/financial probity.

That tax-haven status dates
from 1961 when the Govern-
ment, In an attempt to reverse,
the declining population and
stimulate the . economy,
abolished, surtax.. It foBowed
.that move by reducingr income
tax to the point where there

is now only one rate — 20p in tbe
£ — by eliminating capital taxes
of all sorts and introducing, a
flat fee of £200- a year on non-
resident companies.

These fiscal changes had the
desired effect They stimulated
very considerable growth in the
Isle of Man as an offshore
centre. Bnt that speed of growth
and the size the financial com-
munity reached outstripped the
ability of the island's small
civil service to exercise control.
That is the lesson of the two
bank problems.

Scrupulously

-The ' Government ' has
scrupulously investigated each
application for a banking
licence— in dose consultation
at all times, since it is a mem-
ber of the sterling area, with
the Bank of England. But un-
like those on Jersey and
Guernsey, most of those banks
registered in Douglas have
either been the British clearers
or smaH operations.

International Finance and
Trust Corporation might best be
described as a very small
private merchant bank; Savings
and Investment Bank had some
retail operations but it too was
small. Therein lay the seeds of
problems. ''

Tbe island has been amply
unable, to police the banks in
the way it would like or in tbe
way it ought The banks made
Sxeir quarterly returns , to the

Manx Treasury but the Treasury
has insufficient officials to check
and cross-check.

With large banks this is not
necessary in notch depth. All
tbe big banks have their own
inspectors whose task is to see
- that things are running
smoothly, legally and correctly.
SmaH banks, where there might
be no more than two or three
executives to take decisions,
might not always be so
careful in their overseeing of
their own operations.

. There is absolutely ho
evidence whatsoever that either
of - the banks involved in the
problems of the past year has
been anything but correct in aH
its operations. But the island
authorities realised some time
ago that there -should be tighter
guidelines on banks’ operations.

.Unfortunately, it could not
agree on what should be done.
The major proposal was that a
Banking Inspector should be
appointed to oversee the opera-
tions of tile banking sector but
his appointment was blocked by
those who argued that the
salary' such a person would
command would throw the civil
service pay scales into con-
fusion.

Now that & second bank has
run into trouble the Island has
called in the Bank of England
to look at the whole financial
structure and system. The
island is careful to point out,
though, that whatever is recom-
mended the result will still be
a Manx authority independent
of Whitehall.

The arrival of the Bank of
England team will not only add
to the strength of those urging
the appointment -of a Banking
Inspector but wifi also reinforce
those, like Dr Edgar Mann, the
new chairman of the Finance
Board (In effect, the Maud’s
Chancellor of the Exchequer)
who would like "to see a central ;

bank on the island.

There is an Isle of Man Bank
but this is a- subsidiary of
National "Westminster. What
Dr M aim wants is a Bank of the
Isle of Man, or some such title,
which can give the sort .of
advice to Government and over-
see the general banking situa-
tion in the way the Bank of
England does in the UK

The other great weakness of
banking on the island — miHke
the Channel Islands, there is
no high-powered name bank in
Douglas— may soon be rectified.
One highly respected inter-
national bank Is thought to be
on the point of announcing the
establishment of a full subsi-
diary in Douglas.

Such an arrival would also
help lift spirits on the MancL
Tbe financial sector currently
accounts for 28 per cent of the
national economy (or about
30 per cent if the earnings of
professional groups such as
accountants and lawyers are in-
cluded), a rise from the 2L5 per
cent of the previous year. But
these figures are still a good
way off the boom years of 1977-
1978 when the sector accounted
for 29 per cent

This slight expansion may in
fact be understating the rate of
growth which has taken place
more recently (island figures
are always a year out of date
because they relate to the pre-
vious tax year). Bank deposits
have grown, three-fold in the
past three years and over 2,000
new companies were formed last
year. This means a record
growth in deposits, reflecting
the confidence following tbe
ending of exchange control in
the UK, and' continues the high-
level of company formations.

Re-examination

The prosperity generated by
the benefits following the end-
ing of UK exchange control has
paradoxically led to fears about
what might happen if a future
British Left-wing Government
were to reintroduce them (these
fears are equally felt in the
Chanel Islands). There has
therefore been pressure for a
re-examination of the link
between the island and the UK.

That? link is dose, closer than
in the Channel Islands and too
dose for many Manx people.
But x»t too close for all of
them.

CONTENTS

Finance: Push to attract international wealth
Captive insurance companies: Major prize
Industry: Success of estates
Tourism: Winning back the holiday crowds
Profiles

Sir Charles Kerrulsh: Long-serving Speaker
Mr Percy Raddlffe: island Prime Minister
Mr ‘Jack* Nfvison; Elder statesman
Mr Dnrsley Stott: Stockbroker athlete
.Island Notebook
Businessman’s Guide

Under the Common Purse
Agreement between the UK and
the island the former provides
some services (defence),
collects certain revenues such
as those from offshore licences
and repays the island a pro-rata
share. But under the Agree-
ment Manx Customs and Erase
duties and VAT rates are levied
at the same rate as those in
the UK and change auto-
matically when altered In the
UK

A growing proportion of the
islanders believe this Is
iniquitous. They see it almost
as a double budgetary Mow on
the island. The Manx authori-
ties levy their own taxes to
meet their own needs and then
find at some arbitrary date that
they have to take into account
different VAT or customs duties
which have been altered to meet
UK needs and not those of the
island. When Sir Geoffrey

Howe raised the level of VAT
from 10 to 15 per cent he did
more to rally support for those
wishing to abrogate the Com-
mon Parse Agreement than any
other British Chancellor for
years.

The UK Government

obdurately refuses ■ to
countenance any change in this
rdationsbto, though 18 months
ago it was forced to concede in
principle the right of the island
to abrogate the Agreement pro-
viding it gave three months*
notice. Many islanders now

want to use this potfer.

This lobby is fuelled by the
fact that whereas Britain agreed
to pay the island a share of the
offshore licence fees it has
resolutely refused to give it a
share of petroleum revenue tax.

The UK does have a big stick,
though, in that if tbe island
wants to cut many of the re-
maining ties with the UK it
would find fewer ports of entry
for people and, more important.

for goods in transit between the
two.

At present there are sailings
to Douglas from North Wales
(in the holiday season), Liver-
pool, Heyshazn, Ardrossan and
Belfast as wen as air flights
from several centres — Heath-
row, Gatwick, Liverpool, Black-
pool, East Midlands, for in-
stance — and if the island had
complete control over its
customs duties it is thought
that at least one of these would
be dosed, probably Ardrossan.

Pressures

Earlier this year Tynwald,
the island’s parliament,
accepted a recommendation
that there should be no change
in the customs union with the
UK Any change might 'involve
“considerable risk to the island’s
prosperity” it commented. But
it also bowed to the pressures
and accepted a need to "conduct
a close investigation into the
apprehensions with a view to
determining if they are valid.”

Tbe opposition to a change
was led by tbe island’s manufac-
turing sector, which believed it
would be at a disadvantage if
its -goods bad to be taxed twice
before reaching their destina-
tion— once in transit in the UK
and once in the country of
destination. Since this sector
employs some 3,000 people it
has a lot of muscle and has, up
to now, been using it effectively.

The tourist industry is the
sector which is pushing hardest
for a change. If the island
could set its own levels of duty
on wines, spirits, other drinks,
cigarettes, watches and per-
fumes, as in the Channel
Islands, it is thought that the
local image would be pleasantly
polished up and more holiday-
makers would arrive.

If relationships with the UK
are the main constitutional

issue at the moment there is
also a vocal debate going on
about how the island should
govern itself.

The present situation is that
tiie island has a 24-member
House of Keys, elected quin-
quenniaDy in November. Keys
then elects eight members to
the Legislative Council who are
joined in an ex-officio capacity
by tbe Bishop of So dor and Man
and tbe UK’s Attorney General

The Keys may vote anyone
on to the Legislative Council,
though its recent practice has
been to elect almost without
exception from among itself,
thus necessitating by-elections.

These two bodies combine to
elect six of their members to
an Executive rnmu^ , thoug h
Exco members do not give up
their seats in either of the other
two houses. There has for long
been an attempt to make the
chainpan of Exco the island’s
leading politician, in effect its
Prime Minister, a move that w as
equally strongly opposed.

However, Mr Percy Redclifle,
a highly respected chairman of
the Finance Board until last
year’s general election, has
become chairman of Exco with-
out having any departmental
responsibilities, thereby open-
ing the way to the post becom-
ing a sort of primus inter pares.

Now there are moves to
change this system. It has been
proposed by the Keys that at
general elections 33 members
should be elected to Tynwald
and that Tynwald should vote
on which members should be in
the Legislative Council, with the
remainder being in the House
of Keys.

AH change on the island is
resisted with an opposition that
borders on the ferocious. This
particular change will be hotly
opposed, though the signs are
that it might win through.

e

Geographically a part of the British Isles -yet independent of the .

United Kingdom in its adnunistration-the Isle of Man has a flourishing
industrial and internati o nal financial community

Ifyou’dlike to know more about the facilities here; or want to know how
your business activities could benefit from being represented on the
Island, getin touch with us today

We’ll send you all the up-tdrdate facts you’ll need.

Low Taxes

The maximum rate oflhoome Tas, for both
mdradnals and companies, is only 20%.

We levy no Corporation Tax or Capital •

Gains Tax (except on certain land transactions),

. no Wealth Tax or Surtax and no Estate Duty J

ir ■

I

Space

At 221 square m3es, the Isle ofMan is
about half the size of metropolitan London
yet^ at dose to 65,000, its population is still
less than a hundredth of London’s. So there’s
plenty of room for business expansion.

Generous Legislation

For insurance companies, we’ve recently

fled

undenratingpiofits and investment income
from income tax. This applies to both _
‘captives* and independent companies aEke.

Ramsey

Incentives for Industry

New manufacturers coming to the Island can
apply for grants towards the cost of new
building's, plant arid machinery, working capital
loans on favourable terms and help with
marketing, training and re-location expenses.

Stability

Under Tynwald, ourtwo-tier pariiamenl;
we have enjoyed over 1,000 years* political
’ and economic stability, a feet reflected

in our peaceM and ordered way oflife.

Douglas

Bart Erin,

Infonnality

You’ll find we’re hardwarfcmg, fnendlypeople.
also very accessible. The encouraging

lack of red tape means your plans won’t

jeivw^i^i ipandyrftgainlMtionswon’tbegnstraisu.

Castletown

Isle of Man_

To: Ken Bav^eii, Secretary Industry Board,
Government Offices, DOUGLAS, Isle of Man.
Telephone: (0624) 26261 Telex: 628612 IQMAN G.

rd like to know more about business development
opportunities on the Isle of Man* . .

Please send-me further details.

Accessibility

Less than an hour’s flying time from Manchester
(and only an hour and twenty minutes from
London) the Istafs easily accessible. We also
have excellent telecommunications facilities
with thcrestofihe world. •

Jj Jfetaeofl

L»

1

•i

30

Financial' Times . Ttesdsiy

ROYAL TRUST BANK

OFFERS

— PRIME RATES OF INTEREST PAID GROSS ON
DEPOSIT ACCOUNTS OVER £2.000 AS WELL
AS ON U.S. AND CANADIAN $ DEPOSITS
OVER $ 25.000 AND IRISH PUNT ACCOUNTS
IN EXCESS OF £10,000.

— RESIDENTIAL MORTGAGES. • ' . .

— INTERNATIONAL INVESTMENT MANAGEMENT.

— SCHOOL FEES SCHEME.

— BACK TO BACK LOANS.

— COLLATERAL LOANS .

Royal Trust one of the largest financial institutions
in North America and the first to establish a bank
in the Isle of Man has Group assets over £4,000
million world wide.

For Confidential and Personal Service, talk to . . .

ROYAL TRUST BANK

(ISLE OF MAH) '46 ATHOL STREET, DOUGLAS
TELEPHONE: DOUGLAS 6198 and 21982
TELEX: 628520

EH

INCORPORATED AND REGISTERED IN THE ISLE OF
MAN WITH UNLIMITED "LIABILITY

ISLE OF MAN

SMUIDSWAY INDUSTRIAL ESTA1E

Modern Single Storey

Industrial Premises

28,600 sq. ft. on 2.35 acres
• Offices • Heating&Sprinklers

FOR SALE

Apply Joint Agents :

HENRY
BUTCHER!

LEOPOLD FARMER

27 St. Paul's Street
Leeds LSI 2JG

Tel: 0532 457356

Michael Chapman
& Company

48, Athol Street; Douglas
Isle of Man

Tel: 0624 23127

C.CJVL

"THE COMPANY PEOPLE"

We specialise in the formation, domiciliation and
management of Isle of Man companies. In addition
to our Comprehensive Company Management service
we establish and administer Trusts, undertake the
preparation of accounts, provide insurance services
and arrange pensions.

Please contact us at:

5 UPPER CHURCH STREET
DOUGLAS, ISLE OF MAN
Tel: Douglas (0624) 23733
Telex: 627900 CCMIOM G

R. L. STOTT & CO.

(Established 1882)

Members of the Stock Exchange

Plmsc write or phone for details of services offered.
Head Office:

ATHOL STREET, DOUGLAS - TEL: 0624 3701/4
Branch Office:

RAMSEY - TEL: 0624 S13233

mTERMA^

jmxmjBOBjiTiONs

Manx andUK Non-Resident

Cangjanles

Jordan A Sons flslt of Mari) Ltd
Victory House, Rasped HB,

Douglas, Isis of Man.

TM: Douglas (0624)24298
let London (01)253 3030

the conpuy people

ISLE OF MAN II

One of the island’s major-capital works projects is the extension of the Battery
Pier Breakwater at the harbour of Douglas . Contractors French Kier Construction
are looking for completion by next December. Picture shows the concrete
stabUisation units ready for positioning on the rubble base

The authorities have laun ch ed a major campaign to enable the island to rival
other offshore financial centres like the Channel Islands. . :

ig push to attract

ISLE OF. MAN officials are-
prone -to describe the 'island
rather coyly as a low tax
development area rather (ban
a tax haven but in rec ent yeans
a great deal more emphasis has
been placed upon the island’d
tax advantages. The .Govern-
ment has embarked upon an .
active programme of legislative
changes in order to attract .a
range of financial services.

'At one time the most import-
ant focus for the Marne financ ial
industry -was upon the wealthy
individuals and -pensioners
attracted to the island by the
tax regime; income tax is low
(it has recently been cut to
20 per cent to equal Jersey’s)
and there is no capital gains
tax or capital transfer tax.

Widened

.This. encouraged (he develop- -
ment of various banks, stock-
broking firms and trust com-.,
p anies. More recently, how-
ever, the financial sector has .
significantly widened its scope.*
These days the emphasis is
no longer on (he wealthy North,
of England businessmen who
might be attracted by- the idea
of residence on the island buf
is rather on the vast and grow-
ing pool of international wealth
owned by expatriates. Such,
people usually have no inten-
tion. of living on the Isle of
Man but are looking for a safe
and tax-free haven to deposit
their assets.

A third area of activity is
also definitely offshore in
nature but concerns commer-
cial rather than personal
clients. Banks and investment
managers are seeking to tap
such markets and the most
recent development has been
the establishment of so-called
captive insurance companies.

In such activities the Isle of
Man has been rather late into
the game compared with other
territories like Bermuda or
Jersey. But it is now making
serious efforts by means, for

' '•five*- '•**1*.

Mr William Dawson, Manx Treasurer: the authorities
hope to boost the financial sector

instance, of a promotional, cam-
paign being put together by
Streets Financial, the London
public -relations firm.

There, is a lot to be said in.
the island’s favour. It is easily
accessible by air from London
and is at the same time able to
offer a good range of financial
services as well' as ample
physical space for expansion.
Houses, for example, are readily
available for Incoming pro-
fessional staff. In this respect
the Isle of Man can offer an
edge on costs compared with
more crowded or distant tax
havens like Guernsey or the

.Cayman Islands, even if the
• weather is not so appealing.

For the moment, however, It
probably suffers in that its
relationship to the UK may not
be property understood.
Foreigners and expatriates are
concerned not just about fhelr
tax position but also about
factors such as foreign exchange
controls— though these are only
hypothetical at the moment—
and confidentiality.

At present the .Bank of
England still -maiTitMinH a
measure of jurisdiction over the
island’s monetary affairs but the
Manx Government has been con-

sidering . the possitnnty of
-leaving the Scheduled Terri-
tories— even though there are
no .plans for breaking the parity

- with sterling. .....

Steps towards monetary
independence would "require
* approval by the British Parlia-
ment so the Manx Government
win have to_ move carefully.
However, Dr Edward Mann,
effectively the island's Chancel-
lor of tile Exchequer, -recently
came out in favour of such
development “It would be
advantageous If the Isle of Man'.
h»d its own exchange control
legislation," he said. “In my
opinion it would enhance the
island’s position as an offshore
centre.”

Whatever the progress of the
discussions with the Bank of
England— and whatever happens
it is likely to be several years
before any major changes take
place — the Manx authorities will
be looking for every opportunity
to boost the financial industry,
the island’s only growth sector.

Rents along Athol Street in
Douglas, the island's premier
financial address, are rising.
The banking sector, the key to
any expansion in flnapefei ser-

- vices- as a whole,. : has been
expanding, with a doubling of
deposits within the past three

yeans to over EUra.

But such growth, which has
been paralleled by the rise .in
(he number of licensed banks
to 49, trading out of some 75
offices, .has not been achieved
without problems. •. One snail
operator went into liquidation
last year. More seriously, the
■island’s . biggest . independent
. bank, Savings and Investment
Bank, with over ' £40m of
deposits, suffered a run at the
beginning of this wt pnfh - and
closed its doors.

Rescue proposals have been
abandoned and the affair under-
lines the Isle of Man’s heed to
seek high quality in Its banking
community. Although most of

the- big TJK -mainland bank s are
represented and a ntodber: of
the London merchant banks also '
have a presence, "the lack of any
major uourBritLsh bank is a
handicap'.....'.. \ , . . "• V_-: .

“Thereis no question butthat
it would be- a good thing if a
big international bank were . to .
come," says a Douglas merchant
banker. The Government has
been talking -to two overseas
banks and names, like Gh en s eal
Bank and Hongkong - and?
Shang hai are widely rumoured; ;
but-thegapstillremains. ’

Crucial - v -

Undoubtedly, the collapse of.
the Savings and Investment

Bank is a serious setback in'

this respect T$e 'island’s
financial reputation is under
pressure, and the question is
whether the Manx" Govemnieirtf
can pull something out of the
fire by. imposing tight quality -
controls. There are plans for
closer "supervision : of . the
financial sector. : " ' \

But moving up the quafily
ladder , is not cheap or easy
and . recent signs that Tynwald
has been reluctant to pay the.
market rate for a -qualified
Banking Inspector have not'
been encouraging. The Baxft of
England is btftng called in to'
advise on what controls should
be put into place and unless an

■VEi
' - JS8

• :-at

.Sia
- Jb

.YT-*.

■*T„

effective: system can be .paid fori.
the Isle of Man. could' be stuck "X >
with the image of a poor man's
Jersey. .£

Although a high quality bank-
ihg sector is' fundamental to ./p
the island’s plans, it is not the '
only ' consideration. _ Offshore .Tj
: fund management iS‘.- another 1-
growtb area, with milhly-H?
British expatriates working in ■*
the Middle East and Far East 7y-

emerging as the- most prolific. 1 ^
sources, of business
Manx fund managers.

Offshore unit trusts , are alto'Uj
a significant activity : on
islandr-Bardays Unicom • ransTJj*
six Manx funds, for instance^
But • undoubtedly the Isle ofT”
Man is' a long way behind the
Channel Islands .in this as inv*
other' areas. '/

StUL the Manx Govenimem's^;

encourage

7b.

'a

determination _ to..

expansion here as . — ...

was shown, by the passage in
April this, year of new legisla-, -
turn bn trusts. A large murder'
of gilt-edged and" currency ^
funds have recently been Sfet ^
Up in Jersey, where trust com- ^
panles . can have redeemable
shares. Now the same kind of
Rinds .can hq set up on the
Isle of Man/raising hopes that
.a new. area, of growth will
develop.

. Barry Riley

Captive insurance companies
seen as a major prize

THE ISLE OF MAN’S decision
to attempt to build from scratch
an offshore insurance industry,
is a dear expression of how it
sees its economic future. For
mam* years the island’s Govern-
ment has stood aloof while
other tax havens around the
world have built up profitable
financial sectors. Now Tynwald
— the island’s parliament — is
keen to devise new legislation
and the Government is pre-
pared to launch promotional
campaigns in order to bring the
island out of the financial back-
waters.

Captive insurance comp anies
are often set up by large indus-
trial or commercial groups in
order to handle part of their

International Money Broker
Opens Isle of Man Office

M a rsh a l ls, who have money broking- offices or agencies in every
major financial centre around the world, have this year opened a
b ranch in Douglas, and now provide banks in the Isle of Man with
access to the finest interest and exchange races available anywhere in
the world.

The Island’s financial sector is poised for further significant
expansion in which Marshalls intend to play their pan.

M. W. Marshall, 9 Athol Street, Douglas, Isle oFMan.. Teh (0624) 29315

M

A Mem ber of the Mercantile Hou&e Group.

in-house insurance arrange-
ments. Risks can be closely con-
trolled by use of the reinsurance
market and sophisticated
management -services ape made
available by the big ‘insurance
broking organisations.

Usually, though not always;
captives are " located offshore.
This .is partly because of the
favourable tax treatment offered
by many offshore havens — the
Isle of Man, ‘ for instance,
exempts both underwriting
profits and investment income
from income tax. It is also
because there is freedom from
the often onerous reporting and
control requirements commonly
imposed . upon Insurance com-
panies by mainland authorities
who ’, are primarily concerned
with the protection of con-
sumers.

A captive 'located' 1 offshore

can therefore hope to build up
its reserves more rapidly,
because of the absence of a tax
burden, and can rely on cheaper
administration.- On the other
hand, some of the costs of opera-
tion offshore — such as salaries
and travel — may be greater..
And the practicability of run-"
ning an offshore captive insur-
ance company depends upon the -
availability of local services of a
financial and legal nature, as
well as -specialised insurance -
advice.

Around .the world there, are
probably at least 1,500 captive-
insurance. . companies and ■ the
number is growing fast The'
biggest share of this market
has been secured by Bermuda,,
which is well .placed geographic-
ally . to handle the American -
captives— several hundred of
which are also registered in the
Caymans.

Of the British captives most
have probably gone -to Guern-
sey. which, is recognised .for its
expertise . in this area and -

probably is host to more than financial sector to an extent to
100 companies- But the Isle of ' whieb it" can provide employ-

Man, like Guernsey, is close to
the UK and incidentally is
therefore dose to the big
reinsurance market at Lloyd's
of London. • . .

It was against this back-
ground that Tynwald passed the
Exempt Insurance Companies
Act last. November. This pro-
vided that tiie island's Treasurer
might, after consultation with
the Assessor of Income Tax,
.exempt “the whole of the profits
or income of an insurance
company ‘ from, MabSliiy. to
income tax ’provided .fiat, the
company undertook insurance
risks entirely outside the island.

Pleased t ’

-With 'the- passing. 'of .tire new
legislation a trickle of .captives
has begun to arrive' in' . the
island. So far 11 have been
registered," eight oif winch are

merit opportunities for the more
talented local young people,
who if they have a university
degree are at present likely -to
leave for more challenging
opportunities on the mainland.

There - are, however, un-
doubted risks in concentrating
on a sector like captive insur-
ance. Where the incentive is
freedom from tax and relative
freedom from regulation, the
quality of the newcomers may
not always be high. This is
particular risk for. the Isle of
Man, which is only now
challen g i n g some of the
established host territories and
to a large extent is seeking to
divert some of the flow of cap-
tives away, from Guernsey.

At a time when there are
question marks raised over the
health of . the. international
reinsurance industry the 'Isle of
Man will heed -to be careful t 0

of British parentage. Officials monitor the quality of the cap-

describe themselves as "yeiy
pleased” with this response;
they add that /most of -the big
City of London' insurance brok-
ing houses have formed subsidi-
aries in. the isle of Man.

The attraction to. the island
of hosting such - companies Is

tives which - come , wlttun its
shores.

But the Manx authorities
appear to be .well aware of the
dangers. It is intended that an
insurance supervisor should be
appointed In the -near future
and in any case the' Exempt

not -just the : annual fees ot Insurance Companies Act gives

£3,000 or so per captive but the
potential spin-off for the service
sector. Substantial < : sums of
money could move., through
some of the captives ;and- alt of
them will need banks, solicitors
and auditors.

The Impact of an expanding
financial sector will be .felt' by.
the airport, the taxi drivers, the
hotels . and the restaurants, :as
■business travel grows, and there

extensive powers -.to the
Treasurer to keep 1 control of
the -activities of captives..-/ .

. Restrictions irtdudfi a. solvency,
margin of at least 15 per., cent '
and; care, is taken to /see/tfrat
the company officers are flt and
proper' persons to/, ^transact
insurance business. Normally at
least half . the director^ vrffl
need; to. be, resident in the
island. Information will usually
be " requested on an*. irift ir m al

should also be benefits tor the basis; W th* w

and- residential. company** ...

Barry BlTey.

commercial
‘ The island’s ; .politicians are
also concerned to build up- the

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linawdal Times Thursday July 15 1982

31

ISLE OF MAN

Industrial estates projects justified by success in attracting newcomers

SS*

l, "UCi

%

MANUFACTURING industry
Is a growth sector of file is*
of Sinn's economy in spite of '
the world recession. Already
it provides permanent employ*
meat for over an eighth of the
island's workforce and govern-
ment SUppOIt iS atmffl at
ensuring that this woiMerce ;
grows as quickly as possible.

When Tynwald .decided
that Tnamrfiwtiwiiig - Iwrfngtyy .
should ’ he eaeomuged to
increase .the aim was, as It '
still b, to diversify, the range
of industries as much as pas-
sible. At the same time it was
accepted that ’em tourist -

• Indu stry was important so a
firm guMllne was laid down
that the island’s en v i ro nm ent
. should, he disturbed as little
.. ns possIWe.

There were 'grim reminders
'la two aeras of what can ha^
pen whe n a waste producing
indnsrty, leadmining, does Its'
worst So the Industrial
.. Adrismy €oiqki^ now a fall
-Board of Tynwald, agreed
that there should he compact
. industrial areas established in
locations easiji accessible to
people In the main wmeen tra*
'• Sons of popnTatjion. From 1976
Mr Edward Kemdsh, a

Tynwald member with a bnsl-
ness background, was chair* :
xnan of the council, and now
has become chairman, of the
■Board/ the ; Manx Industry
Minister. ' • >. .

. In spite of hrxtshes with con
. serntidnlsts the establish-
ment of industrial estates has
gone steadily ahead, and plans'
■for. yet another of these, com-
pact areas of . mdnstrlala
ettvity, at Peel, are Jn hand.

- Host victors to the island will
be unaware of their existence,
yet liie list of industries
operating to a long one and
wea diversified, ranging from.

aviation to yacht- building.

Of course this has not . just
happened. A great deal of
effort has been, and fe being,
put into campaigns to attract
Industrialists . to establish
factories on the island. There
is a dear realisation that there
is ' keen competition from
other anas, 'trying to attract
industry and the hoard, is con-
vinced that the Isle iff Han has
special attractions not avail-
able hr aQ other competing

“We can offer financial and
political stability, * through

our Government, and good
industrial relations. There is
also a versatile workforce
which the Mmit Government
is trying to ensure has train-
ing to allo w its members to
adapt to new plant in the
factories,'* says Mr Kranush
outlining his board's policy.

The training includes two
schemes, both for engineering,
one for school leavers, the
second for people transferring
from other jobs.

Mr Kemrish also points out
the taxation advantages for
no corporation

If tourism is to flourish better ail-round facilities will have to be provided

Pressure to win back the holiday crowds

tax or surtax, and a low, 2 Up
in the £, standard rate of
Income tax for residents and
non-residents.

The board offers generous
grants and loans to industrial-
ists setting up factories. And
when a firm becomes estab-
lished there Is still support
for new plant This has
enabled man ' precision
engineering firms, the back-
bone of the industrial sector,
to purchase the most sophisti-
cated machine tools available.

Mr Kenulsh says it was
always made clear to investi-

T/

gating industrialists that the
Isle of Man Is not isolated
and has good air and sea
services throughout the year,
with roll-on, roll-off cargo
ferries available to carry
goods with a minimum of
delay at ports. In that way
through shipment by lorry to
any destination is possible.
Air freight facilities are also
available to and from the
island.

Mr Kerruish and his board
are. rightly, proud of the way
Manx manufacturing industry
has weathered the storms of

the recession. The total wort
force employed is 3,000, ana
in the past two years tev^r
than 100 have been made re-
dundant In many cases. In
fact, men who have been
declared redundant have
rejoined the same firm within
a few weeks.

The manufacturing industry
sector of the Manx ecenomy
is bouyant and expanding,
ready to play Its full part In
the long awaited general
recovery.

W. R. Qucas

• \\

th

rr IS just two miles from the
Crow's Nest Restaurant, near
the entrance to the docks, to
Summerland at the other end of
Douglas's promenade. , Those
two miles, forming a deep
crescent, are a perfect repre-
sentation of the British holiday
resort The islands may be self-
governing hut it relies on the
mainland British for its bread .
and butter — and afi its jam
too.

In the centre of the arc there
is, the four-star Palace Hotel,

* flanked by its Lido .and asso-
. dated attractions. Either ‘ side .
x there is a cross-section of hotels
that perhaps announce their
: owners' — or their one-time
owners’ ~ background.

These hotels* names are a
1 : mirror of a different past, per-
haps a more gradous past, when
■_ the Wakes Weeks crowds -would
:. descend on Liverpool, Fleet-
wood and Ardrosson In their
. thousands en route for Douglas's
imperial charms.

They would stay at the L*paSr-
. downe, Metropole, Piccadilly nr
Braemar — or perhaps the

- Rutland, Clifton or Grasmere;

- Then there was the Balmoral;
Windsor. Osborne or Rothesay,
all gradous echoes of Queen
Victoria and her wanderings.

The hotels remain, smartly
repainted over the past, two or

- three years so that Douglas
looks as though tt has bad a
giant wash and brush-up; .Alt

. that is missing is the crowds.

Douglas, and the isle of Man.

_ as a whole, is having a nasty
summer. The horse-drawn
trams that are a feature of the

Port St Mary— once a fishing port— -has the. air of any of Britain's holiday resorts

Manx capital and the electric
railway that polls up the coast
to Laxey and its famous, wheel
have few patrons. There is one
universal word to he seen in all
the windows of the hotels along
the front : vacancies.

Unemployment and the reces-
sion has token its ton on the
crowds that once came from
Bolton and Bacop, Burnley and
Barnsley, , not to mention
Glasgow and other points. And
if the families are in work and
want a holiday the Spanish
Costas are cheaper, sunnier and
offer a tingle of foreign hopes;

- The island's problem is that
it has failed to' come to terms
with changing holiday patterns.
It still attracts the motor-bike
fraternity inenoxmous numbers,
drawn essentially by the June
TT races hut also by those held
in the autumn. It still attracts
a smattering of visitors from
the North West, the .Midlands
and the London area. But
whereas tourism once accounted
for a large share of the
national' income it now contri-
butes only. 10 per cent.

The island has attempted to
put more resources into self-

catering - appartments in the
past couple of years but it is a
case of too little and too late.

■ Yet the.' island- has some
unrivalled facilities if they
to be exploited — and that
exploitation need not involve
overcommeraalisation of its
resources. Hill-walking, pony-
trekking and' other outdoor
activities could take place in
areas which would take the
crowds away from Douglas and
provide income for the rural
areas.

Snaefell, after all, rises to
just over 2,000 ft and around

the north and. west of the island
there is plenty of room, for any
number of tourists to lose them-
selves in the peace and quiet
which are one of its main
attractions.

In the south, around Port
Erin, Port St Mary and Castle-
town there are ample facilities
for sailing to be developed.
With a few more golf courses
the place could become a
golfers’ paradise.

Yet none of this has been
developed in a meaningful way.
Those in the industry despair
of the attitude of the- govern-
ment towards an Important
revenue raiser.

To be fair to the island there
have been some moves towards
the encouragement of specialist
events. Three years ago the
mini Ryder Cup for golf pro-
fessionals was held at Castle-
town and this September the
World Sea Angling Festival,
which is expected to attract
some 5,000 competitors, is to
be held on toe north coast

This is the way ahead. But if
toe island is to attract more
high-income • visitors then it
must undertake a programme
'of new hotel development With
the exception of the Palace,
hotels on Douglas’s front are
Edwardian- type. They have
undertaken a lot of improve-
ments, like putting in bath-
rooms, but there is no five-star
hotel on the island and this is
what is needed If toe well-to-do
are to be lured into spending
their holidays there as well as
setting up homes.

’ Anthony Moreton

rise - ‘gWsaBB

The Sulby dam — a major capital project — showing (top) the extent of the area
to be flooded and (below) the sealer coat being applied to the face of the dam

for* Kn

:he

N

il I

.. fV i

1 Can yougiveme quotations
for depositsin sterling and
offier currencies?

2 Im residentoutside theU-K.
How can you help me?

3 What are the advantages of
settingup a company on the
Isle of Man?

Can you provide a loan in
Swiss Francs orU.S. dollars?

Can you advise me on my
taxandinvestments?

Im emigrating Should I
leave assets in the UK. or
the Isle of Man?

At the Midland, we like
listening to tough questions.
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And ask the question.

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For specialised advice on matters of frost service*
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and taxation advice please consult the following.

MJdlandBanlcTfuri (>)jporeriion, lisle crfManIhmitectll^^ |1 ?^ i n^ Isle cfMaO, PO Box39

10 Victoria Street, Douglas, Isb of Man. = Douglas 23EB/9/felax: 628037
Director atKlGeneralManagen F.l A Brown Manager: G.Ulhompson

own survey.

If after reading the
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problem.

Just take one of
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It’s the quickest way
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ISLE OF MAN IV

SIR CHARLES KEBRUISH,
Speaker of Che House of Keys,
the lower elected, house of
Tynwald, since 1962, and a
member of the house since
1946, Is proud of two records.
He is the longest serving
Speaker la the Common-
wealth and the only one with
a daughter, Mrs Clare
Christian, as a member of the
legislature over which he pre-
sides. To complete the family
record a cousin, Mr Edward
Kemrish, entered the House
of Keys in 1962 and since
1976 has been a member of
tiie Legislative Council.

Before it was decided that
the House of Keeps Speaker
should not be a member of
any Tynwald Boards, the de-
partmental bodies which run
Manx Government Ministries,
Sir Charles was chairman of
the Health Services Board
and a member of tire Gover-
nor’s Executive Connell, tire
Maw* Cabinet,

Certificates

Unlike Westminster’s . Mr
Speaker Thomas, Sir Charles
can take a full part In debates
in Tynwald when Conned and
Keys sit together. He tidies
full advantage of that free-,
dom of action, hi effect speak-
ing as a member for his con-
stituency; Garff. In that way
he has taken many political
initiatives, being especially
active on constitutional issues.

At a recent Tynwald sit-

ting when members were
agonising over the easterns
union with the UK be sharply
told them to stop acting like
a local authority and be a
parliament. There can be no
doubt that his words were
heeded, even though Tyn-
wald hesitated to end- tire
agreement there and then.

ATHinng h his political life
Is a full one Sir Charles still
finds time to be -an active'
farmer, working the farm,
Beilaf ayle, which .he inherited
.from Ms father. Outside Ms -
own farm he has wide inter*
ests in the working of the
farming community, interests
which sometimes lead to
dashes with 'the Board of
Agriculture.

In farming he is especially
proud of Ms presidency of the
Manx Loaghtim Sheep Breed
Society. These four-homed
sheep were brought to the Isle
of Man by tire Vikings. Sir
Otari es played an active part
in efforts some years ago to
save the breed from dying
out There are now several
flocks on the island and their
future appears to be safe. ,

He is Captain of Ms native
parish Haughold and well
qualified, as a breeder of
light horses, tio fulfil one of
the ancient duties of that now
sinecure office. He could
easily supply horsemen . for
the island’s defence.

Sir Charles Kerruish — free to join m debates

Mr. Percy Rafaliffe-^strong cm finance

PROFILE: PERCY RADCUFFE

Island Prime Minister in effect

CONSTITUTIONAL evolution • A fanner's son,' he entered a period when the functions of tions with the UK Government
made it inevitable* that the politics through his work for the Local Government Board which ended with the signing of
chair man of the Governor’s fellow . agriculturists • over’ a were expanding, .-as central a customs union agreement in
Executive Council should -he period of years. He was presi- government took control of local. 1979. This harmonised duties
free from departmental ties and dent of the Royal Manx A®ri- authority services, and it was a and VAT but allowed variations
no longer have divided loyafties. cultural Society in 1962 and has sound apprenticeship for the to be sought on three months’
at its meetings. Just- before hast ■ been -a member of the island’s chairmanship of the. Finance notice. So far the UK Govern-

November’s general ' election - Agricultural Mazketing Assada- Board to which
Tynwald agreed - to this, and tkra . ocemnittee since 1951 appointed in 1976.
when, the new • -Tynwald After his ejection to the House ' xj an ^ Q ri An r,
assembled in December Mr of Keys ha was appointed a . FiegOOaiiOIlS

Percy Raddiffe, a Member*" of . member of . the Local Gbvern-

.. Negotiations

Although at that time the

was Tuent has turned down requests
for changes, so the battle' con-
. tinues, with local pressure
groups trying to influence the
«. e delicate negotiations.

Since his retirement from

the Legislative Council since ment Board.. becoming its -chair- Manx economv was buoyant he ' Since his retirement from
1930 and a Member of the House man in 1966 and holding that ' wa med Tynwald right from the act * ve farming Percy Raddiffe-,
of Keys for his.i home: con- office for 10 -years. Then in the start about the need for tfcht somehow found time to be
stitnency of Ayre from 1963, following year he became a control of public expenditure. a very active member of the
-was elected to an office which in member of the Executive Goun- a warning which was -not Sulby community, as well as
fact makes Him the Manx Prime cil and had his first 1 experience . heeded. His successor Dr Edgar continuity his interest in the

W.R.C.- Minister.

PROFILE: 'JACK 1 NIVfSON

of general government This was bas M ^ a sca^eJ * JgW* 1 Agricultural Society

to the estimates for the years
ahead.

Tynwald at that time was also

shows, held every other year at
Sulby.. As ‘ if. this were not
enough he also finds time for his

Elder statesman fills new office

pre^Tfor eS5olS.Gnt»n- ******

andExcise, which had been P° + mes - i ^ ho . *"* “ the

under British control ever since ^ "JJS*

1765, with grudging concessions. ? r ^ lce , George

made over the years. . - So . he for. national honours,

found himself in long negotia- - • W.R.C.

WHEN TYNWALD decided in
1980 that the lieutenant
Governor should no longer pre-
side at sittings of the Legisla-
tive Council, its upper house,
the senior council member, Mr

of Social Security when it took ’ local authority takes an active

over from the earlier board in
1951, hoMing that , appointment
until 1976. In the same year
he became a member of the
first Governor's Executive Coun-
cH and helped to build -it up

John AHen Cowell Kennedy from a consultative body -to one
(Jack) Nivison, was elected -with the status of a Cabinet.

President A council member
since 1962, he entered Tynwald

More recently his political
life has been concerned with

as a Member of the House of transport, and as Airports
Keys for Middle in 1948 after ‘Board chairman be has taken

serving for a short period as
a member of Ouch an Village
Commissioners.

In business life he was the
island manager for a major
insurance company and it was
inevitable that he should
become a member of the newly
formed Board of Social Services
when it was formed in 1948, as
well as chairman of the Board

part in negotiations with air- . ow an eiaer s«
lines and the UK Civil Aviation b f m 6 s ti> bis new offi
Authority (CAA). The result °r ex P^ ri ^ ce “
has been that the island’s views tions m Tynwald <
are sought, and: carefully con* always i carefully com
sidered, when the CAA decides f? 8 - 111 hobby is gan
on route licences which wo old “® his Or

affect fixe Isle of Man.. ' * K)WS that his patiei
For many years he has lived beyond the bounds «
in Onchan and although, he is Board meetings,
no longer a member of lie

interest in many village organ-
isations. His links with Onchan
were acknowledged in 1972
.when he was appointed Captain
of the Parish; While this is
now largely a sinecure' office It
has ancient links, since the
holder commanded- the parish
militia and had- to parade
horsemen when required by the
Lord of Man.

Now an elder statesman he
brings to his new office a wealth
of experience and bis interven-
tions in Tynwald debates are
always carefully considered. His
main hobby is gardening and
the garden of his Onchan home
shows that his patience extends
beyond the bounds of Tynwald

p;.>- V

w.ac.

Mr J, A. C. K. ~Nipison-—
* wealth of experience

PROFILE: DURSLEY STOTT

Aims of a stockbroker athlete

DURSLEY STOTT sits, literally lake all Manxmen he refers to
rather than metaphorically, Britain as file UK, it’s some-
with his bade to the wall facing where else, over there. “ But
the window that overlooks in the early 60s we did away
Douglas* financial centre, Athol with surtax and that was the
Street More important, he sits starting point for a Mg- growth
facing the large television set hi our economy, especially on
carrying the market price die- the finan ci a l side. This was the
play service. It is carrying the start of the years of awaken-
good news about GECs jump in ing "

turnover and profits and he is
gently pleased.

Since then the number ' of
brokers has also expanded.

*, 1*0 nnt a«cv tin.** There “ how, Stott says, a very
strS-hrnwi strong financial community

53!S ce^ed on Athol Street
f For Stott — the com-

^rrn pany ' that is— had been mem

2®*™ 1 “ celehrating its of the provincial exchange,
centenary tins year, though the But - m 1973i wben the provLn-
Stotts only became associated Hal exchange and associated

f8tiier SSuSSTeh^Li

H, Self Liverpool ^ard Birmii.ghem,

joined

amalgamated with the

company in 1959 after National London Stock Exchange he
Service and Cambridge. “ At found himself in a much bigger
that time,** he says, “ there were and more important league,
a lot of Manx people in local He believes that the future
shares and a few gaits and lies with both the large and the
some overseas securities. sman firms, the large being

“ But there was not a lot of able to give those in-depth ser-
interest in the UK market** vices and wide geographical

who had been a Minister of
Health under Churchill — in the
autumn of 1956 after two years'
in tire Loyais. WiHinck used to
ask afl his . young under-
graduates to sherry in the first
year and, if he liked them, they
were asked to dinner in the
second year.

But the social peak was to be
asked to breakfast ;. Stott was
invited to breakfast
At school it -was thought he
might get a bine at cricket and
he got a freshman’s trial. But
he decided that cricket was too
demanding 1 and . . turned to
athletics in his second year. He
was selected as a sprinter for
the relay and field events match
against Oxford, but under file
rules then existing did not
qualify for a blue. ■ .

There was consolation ; be
• was chosen , to represent the

Mr Dursley Stott— Isle of Man in fte 1958 Com-

Ufetime commitment - . numwealtii Games In Cardiff and

remembers lining- up in- one of
coverage that is now required the most high-powered heats
and the . small having . local you could imagine, ; The. atmos-
koowledge and. specialist set- prare, the crowds and the com-

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ing to Douglas at a time when * n Brisbane' with the

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u In 1959 there was not a. it I have been to “Singapore!

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the island. Five to ten years couple of years and 'the Games
later they were returning. And gives me an opportunity to meet.:
as the tempo of activity has people in my “field.”'' r -
increased here not only- have Looking ahead, 1 he-- believes
more returned but we now have the Manx Government 'is taking-
jobs to hold people." the right .steps to make -file

Stott had what might be jfl and its ^effities better-
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teresting university ” He did come - mor ® outvrard4ookiiig.__He
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Ever since sdiool days at does want mMand to hare , a
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been, i keen sportsman, with Tie ^ommonwealfii . Games
rugger, cricket and athletics are ..:.y B ' Personal part of feat
vying for his attention. • search for a . great^ identity

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BIT AIR •■•..-

From London Heathrow: -British
Midland Airways has *two flights
drily to and from, the Isle of
Man. Schedules 'tare arranged to
allow a foil' day in' London of
the Bflawd- :

From Iiverpooh British Midland ■
operates -^two flints daily in'
each tfirection.

From/Belfast: British. Midland
operates two flights daily in each

directum.

From Manchester: Air UK
operates ‘ two - flights : in each
direction dally. ’

From 1 Blackpool: Air UK oper-
ates two flights daily in each
direction.-- •

From Glasgow; Air UK opiates'
one flight a day in each direc-
tion from June to September,
two flights weekly for the rest of
the year.

From Dublin: Air UK operates
•ana flight a -day in each direc-
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two flights weekly for the rest
of the year. Avair operates one
flight daily in each direction all
the year round. - - -
From June to September
there are flights' at weekends
from Edinburgh and Leeds-Bz&d-
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Newcastle, Birmingham, East
Midlands, Bristol, Cardiff and

BY ANTHONY MORETON

THE MANX authorities have
always taken a much more
relaxed attitude towards people
who want to settle there than
those of other islands such as
Guernsey or Jersey. For all
that it still has its problems.
At the meeting of Tynwald last
week a lady from Peel
petitioned the parliament (one
of the attractive features of the
constitution) because she
claimed the work-permit system
was forcing ber daughter and
son-in-law to emigrate. ... ..

The administrations of Jersey
and Guernsey take the view
that you can live on their
islands if you can find, some-
where to live but they make it
extremely difficult and highly
expensive to do that. Anyone
can arrive on the Isle of Man
and live there but the island

has very tight roles as to who
can find work.

No outsider can take a job if
it can be shown there is an
islander who is qualified and
who wants the position. Of
course there are ways round
the roles but they take time
and effort and can be self-
defeating.

It is understandable that
there should be some regula-
tions. Islands, ' especially tax
havens, are attractive places to
..work and, in the. Manx case, to
live. It would be all to easy for
a flood of people to come in
and destroy the essential
character of the place. Many
Manx people are intensely
worried as it is about the pre-
servation of their quality of life
and do not want to see ft

BY SEA

Isle of Man Steam Packet Co.
' car ferries operate throughout
the year from .Liverpool to
Douglas, with services from
Ardrossan, Belfast, Dublin, and
Fleetwood during the summer
season. These- ships can carry
light commercial ’vehicles, and
are supported' by a ro-ro freight
service between Liverpool and
Douglas which can, carry heavy
loads.

Seahnk operates a ro-ro pas-
senger-freight service between
Heysham and Douglas with night
sailings from Heysham every
night

Car hire
and taxis

A number of garages on the
island operate hire drive ser-
vices; two of them, Athol
Garage and Mylchreests, have
branches At the airport There
are ample taxi services in all
the island’s towns.

trampled on by people whose
only interest is to benefit from
the 2Qp In the £ level of tax.

But at what point does one
draw the line? A couple of
years ago an official report sug-
gested that the population
should be allowed to grow to
75,000 from its present level of
just over 60,000. This caused
enough - of a stir but in the
meantime unemployment has
risen to its highest level since
the 1950s and the flow of immi-
grants has largely stopped.
Indeed, it probably is going the
other way. “ The wealthy
incomers always go back when
there is a Tory Government at
Westminster, especially one like
Mrs Thatcher’s,"' I was told.

With the island anxiously
seeking to boost its manufac-

turing sector there is a need for
more skilled people on the
island. Bottlenecks are already
appearing in some sectors
because of shortages of particu-
lar skills, which makes the
administration of a population
policy all the harder.

This does nothing to lessen
the ire of the petitioner from
Feel who is aggrieved to find
that., her family, bom and
brought up on the island, do
not qualify for Manx status
because they were a way in 2975
on the day which gave people
their citizenship. Lots of pro-
fessional people such as doctors
and others like students, sea-
men and servicemen suddenly
found they needed a work
permit to get a job in their
own homeland. It’s one of the

Telephones

Any Isle of Man number can
be dialled from the UK (STD
code: 0624) and the full inter-
national facilities from British
Telecom are available.

Business hours

Bank hours are 9.30 am to
3.30 pm at both the UK clearing
bank branches and international
banks. Office hours are
generally 9 am to 5.30 pm with
most offices closed on Saturday.
Many dose for about an hour
at lunchtime.

Shops generally remain open
at lunchtime, and many work a
six-day week, ignoring the early
closing day. Wednesday in
Ramsey and Thursday else-
where. However some, mostly
small, shops dose all day on the
early dosing day.

Banks

UK clearing banks have
several branches in the island,
most being represented in all
the towns. British merchant
banks and international banks
are also well represented, wfch
offices mostly in Douglas.

Public holidays

. As on the mainland with, one
extra, Tynwald Day. July” 5.
when the Manx Parliament
meets at an open-air sitting to
proclaim the laws passed
during the year.

Useful

addresses

Government Offices (main
government business centre).

With a growing resident
population, there has been an
increase in the number of
restaurants available through-
out tiie year, and many have
received recommendations in
good food guides. In the
summer season reservations are
advised. Some of the larger
hotels operate restaurants.

Douglas: Admiral House,
Loch Promenade (29551);
Boncouiptds, King Edward’s
Road (5626); VIDIer’s Hotel,
Loch Promenade (276Z1);
Sefton Hotel, Harris
Promenade (26011); Castle
Mona Hotel, Central
Promenade (4356);

L’Experience, Sommer Hill
(23103); Palace Hotel, Central
Promenade (4521).

Ramsey: Harbour Bistro,
East Street (814182); Rarens-
dale Castle Hotel, The Glen,
Rallaugh (897330).

Peel: Lively Lobster, The
Quay (842789), summer only.

Castletown: Castletown Golf
Links Hotel, Fort Island,
Derbyhaven (822201), summer
only.

Ballasalla: The Coach House
(822343).

Hotels

At present there is no official
grading system, but the island’s
Tourist Board plans to establish
one soon. Hotels shown are
open all the year round,
although some which are
seasonal only have- received
recommendations for. catering.

- Douglas: - VUIier’s, Loch
Promenade (27611); Admiral
House, Loch Promenade
(29551); Sefton Hotel, Harris
Promenade (26011); Castle
Mona Hotel, Central
Promenade (4356); Empress
Hotel, Central Promenade
(22935); Palace Hotel,
Central Promenade (4521).
Tariffs vary according to the
time of year.

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Where the rod still rules

IF ■ THERE Is one thing that
cements the native islander and
the income quicker than. any
other it is the question of birch-
ing; more particularly, the deci-
sion of the European Commis-
sion for Human. Rights a. couple
of years ago that ‘ birching
should be abolished. “They
should keep their noses out of

Thinking

foreign

inveshnenf?

our affairs," I was told bluntly
by one civil servant of other-
wise impeccable liberal convic-
tions. . “We don’t want your
city crime rates over here and
we’re determined to keep birch-
ing." .

All of. which" is highly
embarrassing for Mr William
Wbitelaw, the Rome Secretary,
and the Home Office. Constitu-
tionally the island's relations
with the UK are conducted
through the Home Office and
the UK represents the Isle of
Man before bodies such as the
Human Rights Commission- But
. the. UK has np. power to enforce
jm. jthe.- island!: the obiter- dicta
of any outside body, so that

when Mr Whitelaw was told- to
end birching, how could he?
His fiat ends at the ! British
shoreline. .

Of course he can (and no
doubt does) exercise that power
so eloquently described by the
late Mr lam Macleod as ‘lunch-
time persuasion.'’ It may have
won him a breathing space be-
cause the Island has not
birched anyone since the edict
from Europe. But the isla n d
has not dropped - the power,
which It was told to do. One
of the things about being small
is that you can put your thumb
to your nose to big brother with
impunity, which is just what
Douglas lias done.

Think of ns. Viking names live on

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THE SENSE of being abroad
comes very quickly to the
visitor to Douglas. Although
the -town looks like any other
English seaside resort it is the
names that give the game away.
.The Manx people have dlstinc-
1 tive names. Coridll, Greer, Kedg,
Kerxndnde, Quiggan and Qnirke,
make you feel you have almost,
but not quite, been here before.

The emphasis on names start-
ing with the letter C or K, and
to a lesser extent with Q, stem
from its Viking and Gaelic
antecedents. Both letters C and
K are pronounced hard and
thought to be based on the
: Gaelic Mac, meaning M son
of ...” So Maduke, the son
of Luke, could have become
Chicas. .

However, Bill Clucas, the
FT’S correspondent on the
island, tells me that his
surname, probably the second
oldest to be established, might

have had a Viking derivation
since the longest-established
name — Mylecra ine— cam e from
that root Coridll, for instance,
is thought to have come from
the Norse Thorite II and Cottier
from the Norse Otter.

It has been possible to trace
the longevity of many names
from the habit of putting Balia,
or “ home of ... ", in front of
' many names. Hence BaRavale
or Baliasalia.

The links with the Vikings
are everywhere and not just in
place names. The raiders
arrived first in the 8th century
and later settled there. It was
they who gave the island its
parliament, or Tynwald, a body
which meets ' monthly even
today. When the Norsemen
daimed suzerainty of Man they
were just adding to a kingdom
- that already included the
Hebrides as well as -parts of
the- mainland of Scotland.

The ex-colonial boys

THE WEALTHY immigrants
who. have settled in Ramsey and
Fort Erin to take advantage of
the tax laws are for the- most
part not really all that wealthy.

Admittedly there are people
like Robert Sangster, of the
Vernons Fools family, who has
won just about every Derby that
has been run this year. But for
the most part the settlers are
former Civil Servants trying to

protect their fixed pensions
against inflation in a tax haven.

Many of them served abroad.
In Kenya, or the Far East This
has led to their being known by
the natives as "wheneyes,” a
reference to their alleged open-
ing conversations, especially in
cocktail chatter,. • with the
phrase: “When I was in
Nairobi ...” or “When I was
m Kuala Lumpur — ”

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Respect
for the
wee folk

“THE ISLE OF MAN is aptly
named,” said my companion, the
manager of one of the island’s
leading hotels. “ There is Jkfle
place for women here. The
women stay at home and the
men go out and make the
decisions.”

Perhaps he was talking as an
outsider, or an “incomer” as
they are sometimes known. But
he must have some insight
because be employs quite a few
locals, women especially, in his
trade. One quality that both
Manx men and women do have
is loyalty; his staff: turnover
tends to be low, certainly com-
pared with a British hotel where
it can be over 300 per cent,
though this might be because
jobs are hard to come by on the
bdariri at the moment

Another quality they have is
a reverence for things past. Just
outside Santon, on the road
from the airport into Douglas,
there is a bridge called Fairy
Bridge. The Manx people have
a deep respect for the little folk
and I was told on my first visit
some . years ago that every
islander automatically raised his
cap as he crossed the bridge.
“TV) pay honour to the little
folk, you know. If you don’t the
most appalling calamity will
befall you.”

Now talk of fairies and
calamities is ‘obvious nonsense
to any sophisticate from the big
city. Fairies belong' to the world
of Enid Blyton, not tax havens.
On that first" visit, in the com-
pany of John Griffiths, one of
our motor industry writers, a
similar a&iostic on the aibject,
we decided to ignore the advice.
No one was going to tell city
slickers like us what to do about
fairies.

Later that evening we were to
dine with John Webster, the
island’s most agreeable chief
economist John collected us in
his car and on the way to the
restaurant we had to cross a
ford- What should happen but
that the car— a Japanese model
and therefore the acme of relia-
bility — stopped in the middle of
this shallow ford and refused to
budge.

John, who was sitting in the
front seat of the two-door car,
had to take his socks and shoes
off, roll up his trousers and
stand in the extremely cold
water drying out the points
before the car would move. He
was greatly cheeked by the local-
population of young boys who
appeared from nowhere to wit-
ness the scene. Ever since then
I have punctiliously saluted the
fairies every time I cross the
bridge outside Samoa

mm

■ ; v

■M-:

r.'&'JZt

'V

•5

*3

mm

to Business Man

s vp; The significant investment by British Tetecdm the" new
^ S&Si^echriblogy oftelecorhmunications
’ ' v '-\' ^ / beneficial mark on,

— " Jt>OVerall, it has lead to the establishment' of one of the
s^^nib'st efficient local and international telephone services. ?

v d for ^h e bu si he ss com m u h i tyinp a rticu la r ^

' ,v ' j^^;a y SH ajtii i Ity'ipf a range of customfr ^mp^ d^i^i^^|5
^ .to strengthen the links between all aspects of the^r-Q^
....../business world. Services such as Radiopaging, Telex . i.

and . Datel-are ail .-yery^mucH- jn •

a i) hg links, bevel ppingi in ks, Bring! n g bu si h ess ^to ■ • •

^ business. Thafs British) Telecom for: ^yob; ¥ •

V:.

British

TELECOM

TV

my

.■HI.. - -

1

WORLD STOCK MARKETS

Financial Times Thursday -July 15 1982

[ July: July

l 25

1

' 31

! 305*

15*

16*

1 27*

! 28

30*

30

17*

17*

30*

29*

IB

IB

14*

13*

NEW YORK

AGP Industries .... 1 31

AMF = 15*

ARA I 27 1?

ASA : 30*

AVXCors : 171<

Abbot Labs-... . ; 30k

Acme Oleve J IB

Adobe OH & Gas ! 14*
Advanced Micro .; 1 23*
Aetna LJfc & Gas 34 1 »
Ahmanson IH.F.' 8 i*
Air Prod & Chem 30*

Akzona ' 15s*

Albany Int 25sj

Alberto Culv 13

Albertson's ; 34<a

AicanAiuminiumi 19*
Alco Standard. . - 20 1 a
Alexander 2b

Alegheny Int 22 in

Allied Coro 30 u

AH»ed Stores — 27*
AlUa-Chaimari,..., I Its
Alpha Port d 12i]

Aleon. 34 U

Anvil. Sugar. ■ 47 *

Amax ' 21

Amdahl Core 18*

Amerada Hess.... 17&a
Am. Airlines. ... 18*

Am. Brands 4Q*

Am Broadcast’ j 40*

Am Can 261*

Am. Cvanamld.... 27*
Am. Elect. Powr. 16 tj

Am. Express 36*

Am. Gen. Insnce. 33*
Am. Hoist A Ok Ilk
Am. Home Prod.. 3BU
Am. Hosp. Suppy 45*
Am. Medical Inti 22*

Am. Motors 3*

Am. Nat. Rcsces. 29

Am. Petrina 66

Am. Quasar Pot.. 6 *

Am. Standard.... 22*

Am. Stores 44k

Ani.Tcl.&Tel 63

Ametaklnc 26*

Amfac ' 20*

Anchor Hockg. ..
Anhouocr Bh

A camera OH 7*

Ai.irco. 22 *

Ashland oil 25

Arsd. □. Goods... 32*

Atlantic Rich 55

&i:to-0ata Prg... 24*

Uco 16k

Avarlnytl 26 k

Avnct

Avon Prod . ..
Baiter Inti
Balt Gas & El .

Ban Gal

Bangor PunM
Bank Aniorica
B.ink of N.Y.

Columbia Gas.. „' BO*
Combined Int: ...I IS*
Combustn. Ena..i 24*
Cm with. Edison.! 21*
Comm. Sate lit e_ 525 a

Comp. teienoB.,.: 13*

Cone Mills • 27*

Conroe . j ! 23*

Cons Ednon ; 18*

Cans. Foods. 35*

Cans- Freight 1 38*

Con.Nat.Qas.. J 23*
Conmuer Power) 17*
Cant. Air Lines...) 45 ]

Conti. Carp 23

Conti. Group ■ 26*

Conti. Illinois.- 18*

Conti. Teleph ■ 15*

Control Data 1 SB *

Cooper fnds .. .... 24 * : 25*

Coors Adolph.. ...I to* IQ*

Copperweld [ 15* . 13*

Corning Glass 44* i 447*
Corraon Black.... 19* ' IB*
Cox Braa-csst'a 39* 89

Crane ! 23 23

Croaker Nat r 24 * 24*

Crown Cork. 24* ! 25*

Crown Zell : 18* 19*

Cummins Eng ....j 29* 29*

Corttss-Wnght ...< 37* ! 37

Damon ] 6 * 1 6 *

Dane 23* ' 25*

Dart it Kraft j 52 k 82*

Data Geo : 26* ! 27

Oayton-Kudaon . J 38* I 38*

Deere 24 i 23*

Delta Air 33* 34k

Denny's 27* 27*

[Coors Adolph..

44*

45

63

53*

263b

26*

30 ;*

21 *

66*8

56 if

23*

24

21

22 <s

14 fe

14 <4

53*

S3!m

15*

13*

16*

17 I R

IS**

15*

7 is

7*

22*

22*

20 * i 20 *
25* ' 35*

Bankers Tst N.Y. 27 .3

Barry Wright 14

B.tu^ch ft Lomb. 42*
E.ixt Tmv Lab. . 1 38s
Beatrice Foods.. 19*
Eekc rinds . ... 5*

Bel! & Howell .. 20*
Bell Industries .. 15*

Ecndix • 48*,

Ecnclicial ' 17

Beth Steol 16* 16*

Biq Thee Inds,....' 18* 17*

Bi.ick & Decker.. 13* 13

Block HR 26 26

E uc Bell : 25* 24 k

Boeing 17* 17

Eoiso Cascade.... 22U 22k

Barden 31* 31*

Borg Warner 2S* 26*

Briggs Strain 24k > 24*

Bristol-Myers 58 k 57*

B* 17* 18 k

Erockway Glass.. 14 14

Ercwn Forman E 53 33

Brown Grp 55* . 36

Brown & Sharp.,. 14 14*

Browng Farris.... 28* 27k

Brunswick 20 * 20*

Bueyriis Erie .... ' 12k 1 13*
Burlington Ind . 19* 19*

Burlington Nrthn 41* 41*

Eurndy 16 w | 16*

Burroughs 51 '4 51*

CBUnas 31* 31*

C3S 39 395.4

CFO Inti 36* 36k

CSX ... 38* 39*

Campbell Red L. 10* . IOSr
C ampbell Soup.- 56 k ■ 36k
Campbell T.igg 26k 26k

Canal Randolph. 34* 34 *

Can, Pacific , — 20* 20*

Carlisle Corp 2 Ik • 21k

Carnation 31* 31k

Carp Tech 52k 33*

Carter Hawley... S2* ' 13
Caterpillar ... 57*, 36*

Celancse Corp . 43k ' 43*

Cnr.tcl ?9 29 *

Centex 20* : 20

Central ft 5w I5n» ■ 15*

Central Soya . . 10* ’ 10*
Certain -teed ... Ilk ' 115.1
Cessna AirerafL. 1& | 16'-.
Clump Homo Bid 3* 5 *

Champ Int. . .. 121* IE*

Champ So plug.. 7* 1 7k
Charter Co 8* 85*

Chain Manhatt n 56 '4 » 27k
Chemical NY ... 27 -j : £7*
Chescls Pond ... 31k | 31.5ft
Ciucago Pnoum^ 12 : 12 in

Chrysler Vr-. | 7 *

Chubb 36 k I 36*

Cigna ■ 32* : 32k

Cincinnati Mil ... 20 * . 20 *

Citicorn 23* : 24*

Cit’d Service.. . 52 j 51k
C ty Invest. .. 19* 19»-.

Clark Equipment 20 20

C : c*i* Chits Iron. 17 ■ 17

dotes 14* ; lain

Cliustt Pnaby . .. 17 1 -> 18

Coca Cola.. .... 3rtt., 3tijn
CpiR He Palm.. . 17 y . 17 is

Crllma AiKman 13* 13*

Colt inds : £4* 25

Dentsply Inti ! 826* { 22k

Detroit Edison. .. Uk i Ilk

Diamond Inti 35* j 35*

Diamond Shanic. 18* . 19

DIGiorgio 8k ■ B*

Digital Eduip 69Sg i 69k

Dillingham ll* io*

Dillon 23 22*

Disney iWalti > 55* I 86*

Dome Mines 6* | 6*

Donnelly <RR» 43 | 42

DoverCorp — 21* j 2ik

Dow Chemical ... 20* 21

Dow Jones... 37 k , 37*

Dresser 16 ! 16 *

Dr. Pepper 1 14 ,14

Duke Power - 22k 22k

Oun & Brad— 69* 68k

Du Pont 31* 33*

EG & t> . 17 J. 17*

Eosoo ' 20* , 19*

Eastern Airlines. 5* j Sis
Eastern oaa 5 F.'. 147* < 15*
Eastman Kodak..' 75* ; 75*

Eaten 25 ; 25

EchUn Mfg 13* ’ 13-Jn

Eckherd Jack-... 19* I 19*
Electronic Data.1 27* 1 27
Elect. Memories.* 4* . 4k

El Paso 18 I 18

Emerson Elect.. 44k ' 44*
Emery Air Fgt....' 9* 1 9*

Emhart 30k 30*

Engelhard Corp-’ 19* ; 197a

Enscrch ' 18 176

Esmark 44 j 44

Ethyl 21 ' 811

Evans Prod 7* 7*

Ex CellO..... 24k ; 247

Faberge- ' 18* | 1 ?

Feddcra...- 3* ■ 5s

Federal Co. j 23k ; 24

Federal-Mogul.... I 20 ' *0

Fed. Nat. Mort....: 10* I ill
Fed. Paper Brd... 19 ] 19<

Fed. Resources..; 1 1

Fed. Dep, Stores 43k - 421

FialdcrestMl 20* [ 20 s

Firestone ; 11* 113

1st Bank System; 28>« 281

1st Charter Fln-| 10* I 103

1st Chicago : 14* ' 145*

1st City Bank TexJ 195 a | 19sa

1st Interstate I 24* ; 23*

1st Mississippi.... | 8* ! 8*

1st NaL Boston...! 83 <2312

Fisons ! 6* : 6*

Fleetwood Ent 17* i 17*

Flaxi-van i 18 * I 18k

Florida Pwr & U.. 32k 33*

Ford Motor I 25* 25k

Foremost Mck.... ; 30* ] 305e
Foster Wheeler.,.. 10* 1 10*
Freoport McM....', 15* 16*

Fruehauf 18* 1 18*

OAF 10k 10k

GATX 237* j 24

GTE Corp 287g ; —

Gnnnet ' 32 ’ 32*

Golco 16* | 16*

Gen Am Invest ... I4 Tb . 143*

Oon Cinoma 457# , 45*

Gen Dynamics ... 30* 31*

Gon Electric ' 67* i 67*

Gon Foods 385pi i 38k

Gen instruments; 30* ; 37k

Gon Mills _ ' 43 5a I 45*

Gen Motors • 46 5 r \ 46*

Ocn Pub Utilities' 5* ; 5*

Gan Signal • 337# . 33*

Gon Tire • 24* £6

Gonesco : 45* | 45*

Genuine Parts. .. 35

Georgia Pae , 151

Geosource 43 1

Gerber Prod 20i

Getty Oil. ’ 461

Giddlngs Lewis . 275

Gillette 34i

Glahal Marine.. . 9i
Goodrich i BFi.. . 17;
Goodyear Tire. . 254

Gould - 23

Grace 321

GraingeriW.Wi... 37

43* i 43*
207* 21*

NEW YORK

Jnlv July July

Indices

-DOW JONES

July July July -
8 7 1 6

Gt.Atl.Peo.TeaJ 7*
GL Basins Pet.-.; Ik
Gt Nthn.Netoosa 32 U
Gt. West Fi nan cl. 12*

Greyhound i 13

Grumman- 3nk

Gu f & Weston....’ 12*

Gulf Oil ' 26* < 26k

Hall (FS J 26* : 25*

Halliburton 24* ! 94*

Hammermlli Ppr. 225* ! 22k

Handieman 13* : 13*

Hanna Mining 185* 1 19*

Harcourt Brace.. 14 ! 14*

I Harris Banop ' 26* ■ 26*

Harris Corp 25* ; 24*

1 Harseo. _... 15* 16

, Hacia Mining 8s* , 85*

Heinz (HJ) ' 32* . 32

Haller Inti... 16 16*

Hercules ' 18 18*

Hershey...- 39 t* 1 39*

Heubleln 40* , 40k

Hewlett Pkd .“ 44 ■ 44*

Hilton Hotels-,...: 31 32*

Hitachi 22* ; 23

| July i July
Stock j 13 J 12

MGM— 8* i 6k

Metromedia -J 09 1207 *

Milton Sraday 18* IS*
Minnesota MM...' 55* 64a*

Missouri Pac 1 55* 53k

Mobil 91* 31a*

Modem Merehg. 10* 10*

Mohaseo -..J life 11 *

Monarch MfT 17* 17*

Monsanto I 63* 62

Moore McCmrkJ 15* 15*

M^gan UP). 467a <8

Moterolo 63* 627*

Munslngwaor.. - 15* 16

Murphy (GC) 1 14 14*

MurhyOil 18 18k

Nabisco Brands- &4t* 34k

NalcoCham- 21* | 207*

I July : July
13 : 12

Holiday Inns..-,-' 28 * 27

' Holly Sugar 32 k ; 32*

Homestake.—.—i 23* I 29*

Honeywell 68* • 68*

Hoover — 10 < 10

Hoover Uni ■ 16* 16*

Hormel Geo.V : 20 ■ 20

Hospital Corp 32* . 22 la

Household Inti....: 18* I 19

Houston Inds ■ 1&S« < 19

Hudson BagfMng. 12* ' 117*

Hughs* Tool 18* I 18*

Humana . 26* j 25*

Husky Oil 4 : 4

Hutton tEFl 26* , 26*

1C Inds. 28 i 29*

IU Int 125* . 12

Ideal Basie Ind-.' IBs# i 15s*

Ideal Toy. 13* • 13*

ICI ADR 5 . 5

Imp Corp Amer.. 5* ' 5*

in co gig ok

Ingersoi Rand.... 40k 40*

Inland Steel - 20* 20

Intel 31 ■« . 31k

Inter First Corp- 20* 20k

interlake 26* ; 26*

Inter North 26k 26*

IBM-.. 64* ’ 83*

Inti. Flavours 1 21*

Inti. Harvester... 37*
Intl.lneome Prop 9

Inti. Paper. ' 37k

Int. Rectifier... ■ 10 k

Intl.TeJ A Tel 23*

Irving Bank. 35*

James (FS> 21 is

Jefln-PMot 26k

Jewel Cos.— 1 55*

Jim Walter. 21

Johnson- Contr-.- 21*
Johnson A Jns.— 41k
i Johnthan Logan . 1 1444

Joy Mnf. 21*

K. Mart 185g

Kaiser Alum 13

Kaiser Steel. 18 k

Kaneb Services J 13* I 13

Kaufman Brd 7k 1 7k

Kay Corp 8 k 85*

Kellogg 24* ; 24*

Kennametal 25* ' 25k

Kerr-McGee- 305 $ 27*

Kidde - 20 20 k

Kimberly-Clark . 59* 59 k

King's Dept St.... 17* ! lk

Knight Rdr. Nws. 30 . 30k

Koppers. 12 ' 12*

Kraahler.— — 85* , 8

Kroger 37* . 384*

LTV Ill* • Ilk

Lanier Bus. Prod 16

Lear-Siegler. 22 *

Leaseway Trans., 26k

16 ' 155«

22S* , 21*
26k 1 26*

Lenox- 1 385. ' 385*

Levi Strauss-. 235. 23k

Levitz Fumtr \ 27 | 27

Ubby Owens Fd. 22* 1 22*

Lily (Ell) 66* I 56*

Lincoln Nat J 37* ! 37*

Litton Inds..--.-.. 43 | 45k

Lockheed- 865* , 56*

Loews. 89* . 887*

Lone Star Inds,... 21* - 22

I Longs Drug Stra. 31 ; 305.

' Louisiana Land...' 26k 25*

Louisiana Pas 16* - 167*

Lowe ns te In ' 26* i 26

Lubrizol 175* 17*

Lucky Strs 137* 14

MiA Com. Inc 14 14*

MCA. : 61* . 61k

MacMillan.— — 127* , 13

Mac- — 3Bse

Mfcr* Hanover,...' 27*
Manville Corp. ... Ilk

Mapoo 30*

Marine Mid 155*

Marriott 34*

Marsh Me La nn... 31*

Martin Mtta 25 1 .

Maryland Cup— 35*

Masoo ' 35*

Massey F«rgn. .... 17*
Man MultiXorp. 18 k

Mattel. ' 151.

May Dept. Strs... 285*

Maytag 1 28k

i McCulloch 9

; McDermott UR)- 167 8

McDonalds 75*3

I McDonnell Doug' 385*
MeOraw Edison- 265,

McGraw-Hill 51k

McLean Trukg ... 14

Mead 16k

Media Genl 347*

Medtronic 41s*

Melton Natl 295.

Melville 50

Mercantile Sts,... 65k

Merck 67 *

Meredith 59 7*

Merrill Lynch -. 25*

Nat can..,., J 16k ! 18k

Nat Detroit 207* 20k

Nat Diet Chem- 20 k 20 *

Nat Gypsum • 1 b* 18U

Nat MedicalEnt' 145* 144*

Nat Semlcductr J 19k 20k

Nat Service Ind. 24* 24*

Nat Standard .... 1 8 * g '

Nat. Steel 144* 14 *

Notomas — ' 155* 167*

NCNS - 19* 124*

NCR. < 64* i 65*

New England El.; 27k ! 27*
NY State E & G...I 175* 17*

NY Timas I 4lM 39*

Newmont Mining: 55* 32s*

Nlefl. Mohawk ' 13k 157*

NICOR Inc. 267* 267*

Nielsen (AC1 A I 48* 48*

NL Industries. 17S* 185*

NLT_ 37.*» 37k

NortolkBoutharn 45 { 46

Nth. Am. Coal • 24k 25*

Nth. Am. (Philips. 341. < 34*
Nthn. State Pwr-I 27* I 27*
Northgate Exp.... 3* 3*

Northrop -J 49 * 30k

N West Airlines... 28* 29k

NWestBancorp.-.i 18 1 181 *

Nweat Inds 50* I a IS*

Nwesti) Mutual. J 67 * J 8 >«
Nweet Steel W..J 16 | 16*

Norton 25* 25*

Norton Simon-... 19* 19

Occidental Pet..., 17* 17*

Oosan Drill Exp-: 17?* 17*

OgilvyAMrth 1 315. ] 31k

Ohio Edison- , 12* j !5

Olin ! 18* 1 18

Omark- ' 14k | 14k

Oneck- 26* 1 26k

Outboard Marine 24* I 245.
Overseas Ship.... 11* ' 18*
Owens-Oomlng - 17 k 1 17*
Owens-Illinois— 22 * 22*

PHH Group 19* 19*

PPG Inds 325. 30

Pabst Brewing...: 20* 21*

Pac. Gas & Elect 24 | 24*

Pac. Lighting 28k I 25 k

Pac. Lumber | 17* 17*

Palm Beach- I IS* 10k

Pan. Am. Air [ 3 k 3 k

Pan. Hand Pipe. J 21* 21*

Parker Drilling ...1 10* I 107*
Parker Hanfn.— i IS* 1 IS*

Peabody Inti J 8*1 6*

Penn Central 1 25* 257*

Penney (JCl J 38* I 38*

Pennzoll.— 1 30k I 30k

Peoples Energy-: 6* \ 8*

PepsiCo • 39* 39 k

Perkin Elmer 18* 18*

Petrie Stores ■ 21* 21k

Petroiane-., ' 23* 13*

Phelps Dodge ! 24* 22*

Phila Elect 14* 14*

Phllbro SaJ'n Inc/ 26* 27

Philip Morris. , 51* 50*

Phillips Pet- ’ 28k 2Bk

Plllbury — ‘ 38 37*

Pioneer Corp 1 157* 15k

Pltney-Bowes— .J 313. 32

Plttston I 15 IS*

Planning Rea' chi' 65* 6k

Plessey 84k 84k

Polaroid 18* 18k

Potlatch I 237* 24

Prentice Hail 26* 36*

Proctor Gambled 86 85*

Pub. Serv. E a G. 197* ; 20*
Pub. 8. Indiana... 23* 23

Purex 28k • 27k

Purolator 34 34k

Quaker Oats. , 41* 41*

Quanax 8 8k

127* 12*

RCA- _.) 17* 17*

Raison Purina 13* 12 t*

Ramoda inns ; 45. j 45 .

Rank Org- ADR ... 2* 2*

Raytheon 40* 40

Reading Bates .J 12 k 12k

Redman Inds 127* ! 12

Reiahhold Chemi 105. > ll
Republicbanc .... 28* ‘ 28k

Republic Steel.... 167* 167*,

Reach Cottrell..... 11* 12

Resort inti A 20k 90*

RevcoiDSl -• 277* [ 275*

Revere Copper.... 8* • 81*

Revlon.. 27k I 27*

RexnoW 9k 95 ,

Reynolds fRJi 445. 447*

Reynolds Mtl*. ... 207* 21k

Rite Aid - 32 t* 32k

Roadway Exp*... 41 405.

Robbins (AHI....„; 127* 13

Rochester Gas../ 13k 13k

Rockwell Inti 335. 33*

Rohm JkHaas-... SI* 51
Rollins I 13 12T*

Roim [ 25*

Roper Corp— 10*

Rowan 9

Royal Crown [ 19*

Royal Dutch..—/ 30k

Rubbermaid \ 41

Ryan Homes 16k

Ryder System 315*
SFN Companies- J 18*
SPSTechnoi,gies 13 k

Sabine Corp— 31*

Safeco 32

Safeway Stores-, 32*

st Paul cos.--; 37
St. Regis Paper- 21*
Sante Fe Inds. 16*

Saul Invest 6*

Sobering Plough 30k

Sohlumberaer....' 365.

BCM ; 21»?

Scott Paper — .... 147*

Seaoon : 24*

Seasram— 46

Sealed Power ...,| 32*

Saar I a rGD) , 55

Sears Roebuck ... 19

Security Pac ; 26k

Sedco 26*

Shell Oil ! 32*

Shall Trane ■ 26 U

Sherwln-Wms— „ 22*

Signal ; 17*

Sign ode-,„ ; 49

Simplicity Patt-.l 7k 1 7k

Singer ■ 13* » 13*

Skyline... I 16* ■ 16

Smith inti 21* ■ 21 k

Smith Kline Beck, 64 63

Sonesta Inti — .1 10* ' 10 *

Sony. Uk 13

Southeast Bonkg U . 14*
sth. cal. Edison. 51* ■' 91k
Southern Co..,..,.' 13 1 127*

Sthn, Nat Ree.— 22k ■' 22
Sthn. H. Eng.Tel.; 48* j 425*

3thn. Pacific 29k J 30*

Southlands — j 35* 33

S.W. Bancsharea 217* * 22

Sperry Corp ; 24* ; 23*

Spring Wills- • 24* 24k

Square D ■ 24k : 24*

Squibb 1 37* - 37

STD Brands Paint 26* 7 24*

Std Oil Cllformo.' 26 k- \ 26*
Std OH Indiana... 37 ; 36k

Std Oil Ohio 28k 27*

Stanley Wks. 13k I 13k

Stauffer Chem.. ; 19* ; 19*

Starting Drug 22 1 21*

Stevens fJ.P.i ..... 14* ' 147*

Stokely Van K 88k ; 28k

Storage Tech — 21* | 21*.

Sun Go. 31* 1 31*

Sundstrand. ....... 27k .- 27k

Superior Oil • 27k ; 26k

Super VaJ Strs..... 17* 17*

Syntax..... 38k 37*

TRW : 51 | 51*

“Taft 32* 32V

Tampax. 36* 1 351*

Early decline on

Tandy 1 29* . 397*

Teledyne 99* ,100*

Tektronix 1 53 53k

Tonnaco 23* . 24

Tesora Pet 15 I 15*

Texaco ■ 27* i 28*

Texas Comm. Bk' 29* i 29k
Texas Eastern —• 45 > 45

Texas Gas Tm 225, j 33
Texas Inst rirn’ts : 89* , 895«
Texas 011 6 Gas — 1 23U j 23*
Texas Utilities ...' 22* 22*

Textron 18 19

Thermo Electron' 14k 14*

Thomas Betts —I 48 • 47*

Tidewater 18* 19*

1 Tiger Inti I 7* 7*

Time Inc 1 98 I 277*

Times Mirror I 40k J 40*

Timken 1 48 48*

Tipperary-- ; 5* \ 5*

Tonka. 13 k 1 14

Total Pet 9k i 10

Trane... -/ 377* • 26 U

Transom erica— 18* ! 18*

Transway 20* ! 20*

TransWorld ■ 21 1 20k

Travellers ' 204 , 20 k

Tricentrof- • 6k l 64

I Tipperary- -

Tri Continental ...I 18* | 18*
Triton Energy.... 124 12*

Tyler .— I 13* i 13*

UAL- - • 18* . 18k

UMC Inds. 84 1 8*

Unilever N.V.. ! 544 i 54*

Union Camp I 454 I 454.

Union Carbide-..] 43* i 44

Union Oil Cal 28* 1 284

Union Pacific 30* J 31

Uniroyal. 8* I 8*

Untd. Brands 7* 8

Unt Energy Rea. 285* . 28*

US Fidelity G ; 36k 36*

US Gypsum 27* 27*

US Home 12* 12*

US inds - 10 ; 9*

US-Shoe 32 • 31k

US Steel 18* 18*

US 8urglcai 24 23*

I US Tobacco- 45* 1 454

UB Trust 344 , 344

Utd.TechnoIgs _ 40k ' 40
Utd. TelocommaJ 17* I 17*

Upjohn 39 * ) 39k

VF. 464 ' 45

Varlan Assocs. 36* ; 365,
Vemitron 9 1 91*

Virginia EP : 127* 1 13

Vulcan Matrls....! 40i< ’ 40*
Walker (H) Res 12* : 12k
Wal-Mart Storos 25* 25*

Warnaco J 30 : 30

Warner Comms-, 454 | 47*
Wamer-Lambt _i 205, 21*

Washington Poet, 34 ! 34

waste Mangt — > 27* 29*

Weis Mkts j 28* 27k

Wells Fargo— < 19* : 204
W.Polnt Ptppl.... 23k I 23*
Western Airline. 5* I 6*
Westrt. Nth. Am J 8 I 74
Western Union...! 29* | 26k
Westlnghouse -.1 97 ; 37

Westvaoe J 20* 20*

Weyerhaeuser .J 24 | 24*

Wheelobratr F.J 28*
Wheeling Pitts ... 137*
Whirlpool.-...-... 324
White Oonsoltd.. 26*

Whittaker -.j 23 4

Williams Co. ! 144

Winn-Dixie str....i 37*

1 Winnebago -i 6),

Wise Elec Power 316*

woolworth 18 *

Wrigley 33 4

wyiy - — 9*

Xerox 1 31~s

Yellow Frt Sy« ..., 13*

Zapata 14

Zenith Radio j 117*

• ladu'At'ln aitJ0K4.gr BW.W 80154 7W.88 75550 0B3.SB

l4.li

H’meBnd?. 53.5. r i 50.85 59.01 63.SI 67.89’ B7.3J 60.27

Transport- 321.73 323.44 32D.D3 31S.3S Sl5.b0 : 3t4.Q0 468.46

■ 7> li

Utilities- . 10.V.I 103.70 108.62 108.71 108.57 106.08 118^5

i t'.fii

Tr.iiPnpVol

000-1 C-w.170 71,590 45,870 61,270 44,82644,890 —

i . . i :

Pny s h igh 832.95 low 816.97

July 13 ; June 25 j June
Indust I dlv. yield 7! — — — —

Since Cmpirt’n

7W.K 1091.70 41,32

(18 61 (II 'I; 78) (2>7i52j
55.67 - -

iT2j2« .

403.73 447 JS 11.87

rtlifi* <784811 (B-7;Kfi
103.91 1B5J7 10.5

(13/1) (20.4.E8) (78/4,42

July '-July i July
13 , 1^ ; 9

WALL STREET went narrowly
lower af mid-session with Oil
stocks the only bright spot in
the market

The Dow Jones Industrial
Average was off about 1} at
822.68, near the level it hovered

Canada

Stocks were off slightly "at
mid-session with losses in
resource-based issues.

The .Toronto Composite Index
slipped 1.9 points to 1,382.4 on

is its weekly meeting tomorrow.

The Hang Seng Index -closed
up 4.57 points for the halfday
to 1,299.42, after a loss of 6.0S-
earlier.

Leaders closed mostly higher.

and the- All Shares Index gt
192.50 compared, witfi^ ^.18958.

Amwg Beigiia. stares,
Cockerltf und Cobepa irse 3 per
cent, and Vielle Hostage,
Flnontreiper, Ebes sod Arbed

AUSTRALIA
All Ord. i l/UW)

Metal 4i Mints. <1.UW1

AUSTRIA

Credit Aktlen (2/1/87)
BELGIUM

Belgian BE (J 1/72/83)
DENMARK

Copenhagen SC 11/1/73)

«U 454,8
— ! 817.8

46BJS ■ 44B.fi
521.8 ; 805.3

6B5J 1 4/7)
425.1 IB/U

48.60; 49.60 68JS C4/1J

HJI 83. B! 1 8JJ

109.14' 189.19; 168.9

June 25 ; June 18 Yearago (Approx
6.95 i VM 5.72

STANDARD AND POORS

Ji/iy i July July
U 12 9

July i July
7 6

High | Low

Si noe Cmpil't'n
High Low

ilntiusris.. IJ.kSO 122.51 121.75 120.82 1!9.98> 119.88 197.28

• .4/(1

- (Comp's te I10.E9 108.57; 109.83 I07.S3 107.22 107^9. I22J4 T07JtO

1 1M1 . 160.86 3.53

<8:3i ra- 1 1:80 (88.0/32)
107 JtO 140^2 4.407

FRANCE i I ; j ' ' I

CAO General 181/19/81) - — ; gg,a ggj ■ 27 Ja 1

Ind Tendance (31/12/11): — 1 115.83; IIEJSfll TIOJ I

GERMANY ; , I i "

FAZ-Akban (81/15/58) ■ 224.65 234.09' H4J9 221 M

Commerzbank(Oacl963) 9B4.0Q 699.10 MOOi 676.1 !

HOLLAND . :

ANP-CBS General (1970) • B7J ! 87.8 : J7 J ' 56.4 I

ANWJBS Indust i 1978) , fi».3 67J I

188.82 (55/2)

111.5(12/6)
WM (1WJ

255.46 (5/4)
729.5 (5/4)

to J (TO/S)
74.9 (10/81

4J5J f8/7)
288.0 (5/7)

48.80 (28/61

68.42 (29/1)

» J (3/1)

87.7 (4/1)

218.85 (16/1)
868.7 (19/1)

S4Jlffim
8U (4/1)

at most of the morning. Declines volume of 2.68m shares. Declines
led advances by seven-to-four. led advances 165 to 132.

Indust'l div. yield t.

Indiist'i P E ratio
Lonn Gov. Bond yield

NY. S.E. ALL COMMON

IE

July July July July

13 12 B 8 High

62.90feZ.966S-5A61.ei 71.20
. (4.1)

v«M) ■ i »ut gfcn;it a<Mb
June as Year ago (approx)

Rises and Falle

July 13 July 12 July 9

HONG KONG ‘ ; I I

Hang Seng Bank (IT .7/8 4 1399.43 1294J5:ia8J8'1g1^ 1445.0 02/0 } 1129.08 (819)

ITALY , | ’ j j ~

BanMComm ltal.(1972) ! 149.08, 149. is| 1S1.B61 1S2.» l 2lkto(19m , 149.19 m,7)

japan** ' i T • \ ,

Dow Average / 1S/S/43) '7 155 JQ 7189.01 71«.»:899TJ« 7525SS (77/11 1 E8B9S8 (17/9)
Tokyo New SEil/1/68) ; 550.20 589.79: 592.47, 5H.lt BMJ9(57fl)| 520 (8/71

Volume totalled some 26m ATnong tte ^ dex groupings.

“ 1 ^ res ; . ^ .. , J . Metals feu 5.6 to 1^6.7, Colds

Analysts attributed the weak- dropped 212 to 1.742.7. and Oil
ness m the. market to a com- and ^ eaBed n2 w 2 ,m2.
bination of profit takjng, wumes Dome Petroleum was un-
about second quarter corporate Ranged at C$5i in acUve trad-
profits and nervousness over the ^ A Japanese oil company
possible -mpact of Jrans u>va- officia j[ said u, c company had
sum of Iraq. approached Pome for informa-

President Reagan told con- |j on a bout the assets Dome has
gressionai leaders that the f 0r

S3 1 jeop^dfee Turbo Resources, off 2 cents at
Gul Ll r 5 e L 0 - CI CSl. said it has filed an applica-

with JarcUnc Malbwott up 20 ^ 2 per cetBf. while SHro, PCR

cent ^?^ K51 ic’ Astofienne fell 2 per cent

to HK$16. HK Bank. 10 to . ; . .

HKS11JI0. -HK Wharf 2.5 . to Milan -

HKS4.725. Hutchison Whampoa . '

10 to HK$16J0, qnd Swire Padfic prices' were, mlxed-fo&rmer la
“A" 10 to HKS11.S0. increased trading, with seud-

Elsewhere. Carrian Invest- meat still; cautions but boosted
meats rose 2.5 tn HKS3.55, Paul Y by institutional . buyers, dealers
10 to HR?6, Tai Cheung 2.5 to

at tn li ,788. Generale ImmobSUre,

g "- - Mediobanca and Finslder were

Singapore / alii higher. Both PireUls were

Prices turned . downward in down/dnd Mak which : announced
light taading to reverse a two- ■ layoffs m l te truck omaon,
day rally. The Straits Times dropped. 20 to L1.58Q.

Index closed at 690.77. down. 6.53. Bond . trading - was - modestly
Brokers naad the local market active, with slight gains for
strll looked abroad for .direction Treasury bills and certificates,
but found tittle with Wall Street . .

White House was prepared to
consult other Gulf cons tries on

means to support them if their vtjiym e its
security was threatened. ' ExnlorationK.

The escalation of hostilities in ^
the Middle East boosted some of ro
the Domestic Oil stocks. Analysts ■* OKyO
said there was speculation that
the Domestics would benefit
from increased demand if the
flow of Middle East oil was dis-
rupted.

Advances in the group
included Standard Oil Ohio up
1{ to $291, Atlantic Richfield U
to $363, Standard Indiana 1 } to
S384 and Union California 1 to
S294.

6999.58 (17/S)
538.28 (8/7)

Inuet Traded 1,848

Rite* 690

Fall*.- 754

Unchanged 444

New Highs. 48

Now Lows ; 61

MONTREAL

July : July ! July ; July
13 i 12 ! 9 ; 8

Industrials »2.74 364.55 253 M 25 U6' M2. 78 (4 n
Combined , 789,18 259.98 387.471 253.91 SI6JS ( 4.11

TORONTO Comporttei 1884.3' l587.ol 13M.8ll346.ai lfiaB- 8 (4.1)

NEW YORK ACTIVE STOCKS

Change

IBM

E»th

Coni Illinois ,

Mcb l

Tandy

749.98 (21.1 Si
287.27 121/S)

NORWAY I j I i

Oato 3E (1 /1/72) 119,8 ll T17J5 117.41; ITSJii.

SINGAPORE ' j i ! f

Stralta Ti me* (1888) 880,77; 927.90' BaSJo 'OSS.O' ' Btl.79 (9/tl

SOUTH AFRICA \ _ i j i- . f

I , G ° ld A i ? g l _ - ' 577.9 ; S7S.2 I M2.9

| Industrial (1«8) , — | B2HJ . 527.5 ! BST^T !

SPAIN i i j !"

Madrid SE (50/12/81) B7.T7 * 18.91 j 87J0 I 87J9; '

SWEDEN I ! .i

Jacobson A P, (1/1(58) : 908.59; U6.8V S00.16 1 597.75

.SWITZERLAND l' I \‘ T 'j‘

159^3 (29/1) : 109.12 (1/3)

5S9J ffi/11
711.7 (9/1)

«8S JIB (9/7)

SSBS (9/7)
507J (29/8)

W7.4S (9/2) . fifi.fil (]S/7)

BM2 (22/1) : b«.s2

tion to seek permission to appeal
against recent court decisions in-
volving its bid for Merland

dropped 20 to L1.58Q. '

Bond . trading - was modestly

active, with slight gains for

Shares lost ground on. profit- *£JJj** Uttle Switzerland

taking in Blue (Slips after four , ^ , j _

sentiment undermined by the

yen's .new downturn against the
dollar.

Uncertainty over the future
direction of -U.S. interest rates
also affected trade, dealers said.

The Nikkei-Dow Jones average

by the big four local banks
before the end of the month
might Improve sentiment

Germany

IBM was the volume leader lost 34.01 to close at 7,155 in
and rose } to. $641. The company moderate trading- on volume of

reported on Tuesday a larger-
than-expected gain in second
quarter earnings. Gannett, which
also reported higher earnings,
rose 1 to $32* in heavy trading.

Bally Manufacturing shed .SI
to S29j in active trading. A
Nevada • court on Tuesday
stopped the company from sell-
ing a new line of video games
in that state.

The NYSE All Ordinaries
Index dipped 0.02 to 62.8S.

THE AMERICAN SE Index shed

430m shares, while the Tokyo
SE Index dipped 3.59 to 530.20.
Light Electricals, Motors, Pre-
cisions and Computer-makers led
the move -down.

The conflict between Iran and
Iraq also overshadowed sentiment
but pushed irp prices of Oil
issues.

Hong Kong

Prices closed mostly easier as
hopes or an immediate decline
in U.S. interest rates dwindled
and the U.S. dollar continued
firm, dealers said.

Interest-sensitive issues were
under pressure in early trading,

- _ e but partly recovered to close

foSEJ. K..5S. d afieS?,Sii hi near Tuesday’s levels. Trading
th? 1 toLrtf the W3S thin - with a lack of sub-

marlcS to an ««tW h “*"e orters - .

easier start. This was induced by A, IC *-olio
early softness in the Domestic Australia
Bond market and a lower Wall marked time in quiet

Street overnight close, dealers xnAing with higher Gold and
s » .. * _ _ Copper prices bolstering _ the

As the Commerzbank Index Mining sector, while Industrials
edged up 0.90 to 684, Commcrz- were grm ^ oil -and Gas stocks
bank itself closed at 133ff0, weakened. . ..

Stocks recovered from early
lows to close steadier, ' mainly

0.74 to 247^9 on turnover of on late speculation over a local

some 1.9m.

Closing prices for North
America were not available
for this edition.

interest rates cut, brokers said. Brussels
Prices eased initially in line

- with indications abroad, but Shares were steady and foreign
advanced after mid-morning on shores higher hi moderate trad-
thoughts that the' Association of fog, with the' Industrial Index
Banks may lower interest rates at 93.08 agafost 93.62 on Tuesday.

DM 1 higher than on Tuesday,
while Dreadner fell 0.20 to DM
137.10 and Deutsche 0.10 to
DU 364£0.

Brussels

Shares were steady and foreign

The All Ordinaries Index
cloed 1.1 points lower at 452.5,
the AU Resources Index dipped
22 to 3225 while the Ail
Industrials Index closed Off up
at 611.9.

French markets closed yester-
day fOT animal holiday.

CANADA

BB-GIUM (continued)

HOLLAND

AUSTRALIA

JAPAN (continued)

July j July

13 ia -

Pries 4- ei
Fra. -

Price 4- or
FIs. — -

Pries i 4- or
Auet. 8 f -

| Price J -f ar
; Yen : -

AMCAIntl.. : IT* , 17

Abltibi ...... 16* i 16*

Agnlco Eagle 7.18 6.68

Alban Alutnln • 84* B4T*

/Ugorna Steal. • 26 25

Asbestos. ’ 10* 10*

Bk Montraa L ; 177* 27*

Bk Nova Scotia... 20* i 20 7 B

Basic Resources. 2.60 ( 2.40

Ben Canada 1 17* | 17*

Bow Valley i 15* 14

BP Canada- J 22* 23

BraseanA.. < 13* i 13*

Brlnco ; 3.10 5.10

B. C. Forest i 7* 7*

OIL Inc J IB IQ

CadlllBcFairview' 6* 6*

Can Oemant...„.| 8* 8*

Cam NW Energy..' 22* 22*

Can Packers......! 28* j 29

CanTrutco 18* 18*

Can imp Bank....: 17* 17*

Cdn Pacific.. ' 26* i *6*

CanP. EnL i 14* 14*

Can Tiro 33 i 53

Chieftain 21* I 21*

Comlnco 36* ' 38

Cons Bathst A. ...! 14* 14*

Conti Bk. Canada 6* • 6*

Coseka Res 3.40 ; 3.S0

Costain - 5* , 5*

Daon Devil ' 2.56 • 2.63

Denison Mines....' 16 T* 16*

Dome Mines. 8* . 8*

Dome Pstreluam: 5.12 [ 5A5

Dam Foundries.. 1 29* [ 28*
Dem Stores — ..... 13* I 14*

Domtar 16* 16*

Falcon Nickel 40 I 387,

Oenstar j ll* i U*

GL West Life. 1.90 \ 1.80

Guir Canada. 13* 13*

Gulf Stream r b ». 1^9 ! 1.93
Hawk Sid. Can ...i 8* [ 8*
Hoi linger Argus..; 24 1 24

Hudson Bay Mngl 15* I 15*
Hudson's Bay....; 164 16*

Husky «[..... „| 6* B

Imosco 1 38* SB*

ImpOiLA. ...i 22* 227*

Inco 12* 127*

Indal....: ! 20* 9*

Inter. Plpa. | 267* 267*

Petroflna. 4,370 4-20

Royal o Beige...,..! 6,D6D) — io
Soc. Gen. Bano.l 2,420) 4-20
Soe Gen Belgs^i 1.172 1 44

Soflna. 3,3B5| +5

Solvay 2,935; 416

Traction Elect ... 2,500< —15

UC8. 8,170: -40

VieillsMont 2,3901 446

DBIMAAK

Andalabankan.... 1J4J!

Baltics Skand... 330 -1 JjfS

Cop Hand elsbank 126 , "^™oBanlL._.

D. Sukkerfab 829.6 +2 A !Kr!S&r

Danske Bank 126 5“

East Asiatic 87 -1 (YanL.

Forenda Berygg. All -1 PaKhoed -

Forenada Damp. 398JJ —0.4 Phillips

GNT Hldg 828.01 41.6 RIJn-Schalde

420 ACF Homing 79 -0.2

— IO Ahold 83

420 AKZO_ 24>3 +0.1

44 ABN-.- — 281 42

43 AMEV 87.5 -1.3

416 AMRO„ 47, 5 +CL3

—15 BrederoCert 161 —1.3

—40 BoskaUs Western 40 —2

446 Buhrmann-Tet_. '35.7 —Off
--- CalondHld a...... 29 —Off

Elsevier NCU 154 41

Entile 124 41

Euro Comm Tst. 74.5

Gist-Brocad e^ .. 74.41 40,4

HeJneton *. 59 40.4

Hoogovens. 15.9 —0.4

Hunter Douglas.. 7.7 —Off

. „ Int Muller-.. 18ff +0.5

KLM 89.7 -1 .

• Naarden 22.8 ...

Nat Ned cart. 117 -0.5

— Ned Cred Bank__ 30 -0.6

1 Ned Mid Bank 118 -0.5

"22 Ned Lloyd 118.5 -Off

+z - a Oce Grlnten 114 41

Ommeren (VanL. 22 40ff
f Pakhoed 3Bff 40.3

-jrr ANZ Group 3.50

— °- 2 Acrow Aust 1.30

■■?■■■■■ Ampd'Pet Iff8

tg- 1 Assoc. Pulp Pap 1.46
+ ?_ Addlmoo 0.10

■h 5 Aust. Cone. Ind... 1.35
+ r? Aust Guarant. .. .2.20
“i- 3 AUSL Not Inds-;. 8.60

«- J, Aust Paper

M Bank NSW.,

S T ?- 3 Blue Metal.

w 4 1 Dmh4 BMm

-0JI5 Kubota.... 330 [ -8

Kumgaai 382 ! —4

+ 0,01 Kyoto Ceramic.. 3,710 410

Uon« 362 42

......... Maeda Cons .. 934 ~6

+0.01 Meklts 710- —12

^ Marubeni— 280-

4-0.D6 Marudai- 933 —15

40.01 Marul 880 —5

Bunk NSW 8.47s) —0.01 1 Matsushita 1,000

TV- 3 Blue Metal 1.49

i i Bond RklBS ljDl

+1 Boral 8ff0

BTvHle Copper-.- -1.16

+ 0,4 Brambles Inds. ^ 1-88

+0.4 Bridge Oil 2ffO

-0-4 BHP J 6.68

T2 t Brunswick Oil 1J 0.16

CRA 2.8B

- CSft 8.68

-v-r Carlton A Utd 1.78

“Sfi CastJemaineTys 3.50
“5-5 ■ Cluff oil (Auet) - 0.40

f Do. Opt* Offl

TT -2 Oockburn Cemt IffR

tio Coles (GJ.) 2.08

Comalao 1.85

4 Off ] I M'ta Elec WarfcsJ
40Jli|M'blsh1 Bank

*9ffl 40.3 HostohT

23.81 Dunlop 0.95 I Nlesan Motor

23.4) — Off Eider-Smith G.M. 2.6 I + Offl "^1“" . ’
201.8] —1,7 i Nlsshln Flour

roo i Endeavour Res...' 0.16 1

“°- a oen. Pro. Trust..! 1.48 40.QJ IJrK

«S see assf^-w! I -2-s* SSBErrr

Jydske Bank^...„, 176

NordKabei 181-6 —Off

Novo Ind ! 1,710 462

Paplrfabrlkker .. . 74
Privatbaaken «... 122.0 .......

Provinsbanken... 1 119
Smkdth (FI) 183.

... Robeoo

-Off Rodamoo. J

+53 Rolfnco ;

Ro rente „......l

■ ' ' Royal Dutolr _!

Slave nburg’A i

M'Wshi Corp 494 _i

40ff4 M'blshi Elect.-. ... 227 -2

-0ff2 M'blshi Rl East J 495 +2

“ Mitsui CO 328 47

--- ■ Mitsui Rl Est 690 — 1

+9JM Mltsu-koehl 340 -3

NGK Insulators^.. 466 — ll

Nippon Den«o-.„ 990 —8

Nippon Gakki 638 —7

— °- DB Nippon Meat. 370 41

Nippon 0(1 876 42!

Nippon Shin pan- 760 —11

—Offl Nippon Steel. 186

Nippon Sulsan.... 322 +1

NTV 4,030 -11

Nissan Motor. 779 | -9

Nlsshln Flour

Nisshin Steol

Nomura

S. Bo rend sen..."’ 494.0 ^4tA iH. n, ** v * r '
Superfos..... 95.4 4 1.0 j ’’lldng R«

! W + i'| I Jones (D) I 1.70

it' 9 +0-® f Leonard OIL: ^ 0.10

Til Sfes m

Hfl J -H |*M>onln9S """--I Iff 4

JlZ'Sl + I Jlmb.lanafSOcFP. 0.15

330

-2

160

-1

410

-4

953

-7®

925

-85

1.280

-20

1.440

-20

VNU

West Utr Bank J

Molw I l 7 n I Ricoh. ' 470

{SSffter! °:™ i SSS/IT*- i IU

2.68- +0ff3 Se^i°prsfjih I 690

MeekatharraMa. ff-90 -+0ff8 Kharo^ 822

.■Wtoe-Htg BBsrzSL*

FRANCK

Empnmt 1,7 tl

Emprunt 1*1973.. 6.341

CNE S% — 3ffS'

Air Liquids. 467

Aquitaine- !Z| 103ff —1.9 1 nn

Asslour Gen 124.52S — 4TO

Banca Com’lo ^ * sifffiO

Au Prlntomps 144,

BK3 481 47

Bouygues 639 49

BSN Gervais. 1,365 42i

Carrefour 1.480 +6

Club Modi ter 550

CFAO 524 — 1

CSF( Thomson)... 157ffj +1

Cie Ban caire ! 177 I 4?

Cie Gen Eaux 300 45

Mac Blood el. — . | 16* | 16 t b
M arks & Spencer Tig 7*

Massey Ferg ■ 2.43 2.42

McIntyre Mines.. 27* 1 28*

Mitel Corp 21* j 22

Moore Corp 35* 1 35*

Hat Sea Prods A>* 6 1 6

Noranda Minas..., 125* , 12s*

Nthn. Teieoom.J 46* ^ 44 t*
Oak wood Pet:.....] S* , 9*

Pacific Copper.... 1.07 1.08

Pan oen Petrol. ..j 63* 64

Patino- ; 14* 141*

Placer Dev. 13* 12*

Power Corp j 9* 8*

Quebec Strgn- J 2.36 2ff6

Ranger Oil ■ 67* I 87*

Reed Stands A....! 11* ■ 11*

RloAlgom.- 26* ; 28

Royal Bank 19 19

Royal Trusco A_' 117* 117*

Sceptre Res. 6.53 1 5.76

Seagram — — 58* ] S6 t s

Shell Can OIL...-. 16* 167*

Steel of Can. A-..i 17* | 17*

Teck 8 ; 6.12 I 6,60

Texaco Canada..' 26* 26*

1 horn son M ew* A' 17* - 18
Toronto Oam ak.! 23* 227*

Trans Can Pipe...; 18* 18

IranaMntn.OIIA.' 6* 6*

WalkertHlRas...., 16* 16 *

Westcoast Tran#; 12 12*

Weston (Geoj. I 87* 87*

SSasssmEjlsS'. ’tss SS“ iPrttfab -! 85?
■ 1 ■ agSB&H g-il - SS52«to:::::::::“! Hi

* 1 Sony 3.270

Myer Cmp,-- IffO — O.OS Stanley • 349

Bant ?ffa +0ffi rtomo Marine 230

• - News.. — 1.B0 . Talhel Dengyo... 495

1 - - Nloholas Kiwi.... Iff2 +0.0! Talsai Corp . _ 232

rloel 4 . or S?£HL5 kn HUI *- H£ *°-°* Tateho Phaj-m-J 690

4, US -478 H2 ~°* M T *<J' n 315

1 I 200 PanPadflc... — aio TelkokuOil 905

89 • Pioneer Co Iff 1 -Off2 TBS U8

.788 ZiS" Oueen Mare* G. 0.10 ■ 4 vELsM^rH

_ _ 89

+ 4. '4 Centra* 1788 +18

Z CredltoVaresIno 4*750

+7 Flat 1.580 —20

' Flnskfor- ■- 46

+26 Invest- : 2,101 +2

-+6 Ital cement). 23,000 4960

— Montedison 86 42

-$■ OUwttl 2,100 412

4119 Pirelli Co 2,051 — 9

4.7 PlrelH Spa 1 ; 164 —21

4.5 Snla VIscaea .—. 880 —14

Cofimeg 123 J) + 1.1 T S ro — I 9,000 -5

Creusot Loire — ! 75ff +2ff da Prof j 6 500

CFP - 106.0m -Off '

DNEI 44ffi -1.0 ^

Dumez 1,179. 49

Gen.- Occidental. 408 1 - .

I metal ; 48 ; NORWAY

Lafarge 195.0 40.3

Lagramd lTr.."! I!| 1^49, - 4 10 July 14 . puce + or

Machines Bull ._.! 30ff- +0ff - ■ Kroner, — -

"■••■Ji 1 t22, H limit in Rinlr ~ IfiA

Wlcbafl n , 604 ' +5 ' e m

Moet-Hennesey -l 774 +2 ~®-S

Moulinex... | 86JJ +0.6 ~ s

RroS."“d ESfitezzr IS I| b "'

Radloteoh _.i 279 1 +7

Redouts [ 926 +19

Otter Expl , 0.32

Pancdn 1J32

Pan Pacific., aiO

Pioneer Co_. iffi

Queen Mgrg* G. 0,10
RAoldtt A Coin ' 1.73

Santos 4ff6

Sleigh (HC) 3LD2

Southland M’n’g.l 0.27

Spargos Expel.- 0.16
Thos. Natwide... 1.68

Tooth. 2.88

UMALCona. 1.72

VaHerft Consdt-. 0.09

Waltons 0.72

Western Mining. 3.72
Woodtide Petrol 0.66

Wool worths - 1.56

Wormaid Intr 2,48

HONG KONG

40JII S'tomo Marine ... 230

Talhel Dengyo.... 495

+O.OS Talsai Corp 232

+ 0.02 TaJsho PMarm-...l 690

Takeda. I 763

TDK- <4,000

— Offi Teijin 215

TelkokuOil 905

T°-« TBS 438

Toklo Marino-... 440

Tokyo ElectPwr. 845

—°’ sa Tokyo Gas 108

Tokyo Sanyo 489

TokyuCorp— 205

Toshiba 301

TOTO 402

40.02 Toyo' Balkan 431

Toyota Motor+.„. 875

+ 0.02 Victor 2,030 :

Wsooal; 711 1

Yamaha 663 I

—0.05 YamazakI ; 526 I

-0.02 Yasuda Fire 232 I
— — — VokogawaBdgej^^B^

SINGAPORE

Price + or

juiy in .(Price -for Boustaad Bhd- ' 1 180. 1 — OJH
j'H.K.3 - Cold Storage.....^! 5,64 1 -

Choungjtohg-^.l 15,5 Fiwer ANlnvil-r fcao-'j-^S.’»

Cosmo prop-. - J 1^0 Haw Par J 2.63 -UK

Cross Harbour. ? 10.4 + o.4 Indheapo Bhd.-^ 2.04 i -0.02

Hang Seng Banld 86 Malay Ben Wng.J 6.10 ;

HK .tlOCt no—-. .6.25. —0.06 Malay Brew. 4A6 f

HK Kowloon Whfi 4.72 40 JR OCBC-. ; 8^S I ^O.tS

Roussel-Uelaf- 272 ' 43
Skis Ressignol .... 560 I +8
Telemech Elect,) 733 | +11
Valeo I 173 ■

SWEDEN

AUSTRIA

July 14 ; Price + or

! ; * I -

Credltanatalt— 208 | +1

Landerban* ; iro :

Perimooser ! 263 ' +6

Semperlt 69 !

Steyr Daimler . * 144 j +1

VeitsoherMas-l 800

I 173 _ ■ • - • July 14 Price + or

' Kroner — -

AGA- 197” — l"

Alfa -Laval 206

ASEA 187 42

rnuiviv Astra;- 460 45

GBIMaNT At) as Copco 118 ,+3

, Bollden..., — 183 48

ia 'l-, . , .. CsilulOta -. 220- 4*

July 14 • Price + or Electrolux 8...... ai.5 40.8

; 1 Pm - ~~ ' Ericsson.- 227 +1

AEO-TtleT-,. 81.1 +8.1 B“»lt«lFra«)-..., 143 ...

Allianz Vera. 432 — 2ff Fagerata 131.

BASF.. 118,4| Fortf* (Free) 180

BAYER 109.® +0.1. Mooch Dom 103 +5

Beyer-Hypo- 206ffi ^Off Saab -Ska nU 134 + i

Bayor-Vereln. 273.51 — SandvIK (Free).... 170' .41

U& B * nk - i “12 - 0 - 5 SSSl&idws;::: Sfl. J?

BnwroBovM-Zj 177 - ! —Si' IrKopperberg”’ III

Commerzbank □ 133.& +1 fSi T?

HK -Land J

Hk shongbl KH...1
HK Telephone.- '
Hutchison Wpa..^
Jardlna Math-:..
New World DevJ
O' seas Trust Bio

SHK Props.— I

Swire Pae' a j

Wheej'k Mart M
Wheel’ KMartti'el
World Int. HldosJ

4.72| 40JKIOCBC.--. 8.06 I -O.tfi

7.631 1 Sima Darpy 1.B8 I'-O.M

Straits Trg 6.30 I -0.K

UBO 3.96 I -OJB

-- 7.65

liff + 0.1

- ' 31.26 — 0.2B

...j 16.8 +0.1

4.05! +0& SOUTH AFRICA

7ff5j ^o!te July 14 i Prise f + or

ll.a + 0.1 ' I ftand | —

t TW

1. | +4
l.5j +0.8 I

n-j

JAPAN

432 +8

710 —20

278 -5

ill Hi vo,TO t Fr «>- lea +s

Domag - _.l 122

D'sche BabcoakJ IBS 1 ;

Deutsche Bonk. J 264.5 +G .1 .

DU Schulte'. 166 ; 4 1 — ...

DrMdner Bank... 137.1 -Off- SWJT7SUAND

GHK i 180.5 4lff . . : .

Hapag Uoyd. J Bl l -1 ] - Jllhf „ | f + or

ghk

Hapag Uoyd — _.| Bl 1—1 ■

Hoeeftst- ..... 112ffi '-0.1

Hoesoh — 30ffi -Off —

Holzmann (P}.-„. 412 -8 Alhsuisa
Hoitsn 117 i +2 Brown B
Kail und Salz-.... 148 I ’ —Off Ciba-Gel
Karstadt 216 J 43 do (Pari

Kaufhof — 176 I +3ff

•CHD 178ff! +1.

BELGIUM/LUXfiMBOURG

Alii suisse <

Brown Bovari-J

417| —3
- 840'

Iff 001

GibaHWgy.- Iff 001 uTZT T"-

Credit Suisse..... J 1.6 iff ... „ .«

WSSSS.— ] -» ISySSai-rr

Ajinomoto ,.J . 818 — g

Amada...-.,„ SOI +3

Asahi Glass..-.'-. - 488 —8.

Bridgoatone. 432 45

Canon--. 710 —20

Citizen- 275 —5

Dalel 601 —13

DKBO 484

Dai Nippon Ptg... 629 + 7 .'

Daiws House;— 395 —is
Dsjwa Seiko,.— . .400 —5

£bara- 356

On* 825 —5

Fuji Bank...., BOO -1

Fuji Film- Iff SO —60

Fujisawa rt ...Jlff7Q . -30
Fujitsu -Fanuc.-J4ff55 —50'
Green Croee-....:. 1,870 —10
Haaegawa.. — „ 518 +1

HefwafO£asC_.-. 646 —6

Hltochl v 586 -86

Hitachi Kokl 465 —13

Honda _-v 720 -20

Housefood ... 11,000 49

Hoy* 730 -13

/toh.(C). . f 874. +1
I to- Ham 370

5.90 + 0 .B 6 rr : ! 1

4.6“ Aberaam... 2.471 +0J3T

2.85 40.06 4E* ci - J 6.601 +0.11

■ " — Anglo Am...-,,;... lo.l om 1 — 0.«

Anglo Am Cold... 66i» 43ff
AmgloAm Prop,

- Bartow Band. 7.30 .+0.16

... • IV ‘ Buffo* gg.a + 0:5

vlST r “ CNA Invert fl.5 +oa

• 1 - Curria Finance.- • 2.4 • + 0 ff

“•ajw"- — 4^1 -offfi

Dnetoplgln 8S.75T 40.7* ■

FgGe dultf^ — « SSffS .......

Gold Reids SA,». 60 +1IL5

High void Steel.... 4.061- 40fffi

Hufetta^-, 6.3 40ff

Woof 28 +2

NedMnk ...... 5.65 40.®

OK Bazaars. lg.isr +0Jfl

Frotea HkJg* 2.301

Re mb rant-...,.-...; 8ff0{ +Oto

Rannlet- S.BO* 40.1#

RustPkrt.- jff i 40,1

Sage Hldg a.15

SA Bfawfc-^...^ . 4.05 +0ff8

TigerOaH.—— IBffO + 0 .re
Financial Rand US$0.79

(Discount of $l&),
BRAZIL

-50‘

f -10

I +i ■:

Juiy 14 ,* j priee- + or

| Crus ; —

Aeaeita.... ' l.efl” i + 0 JW

Banco BrasI1,_.._ f ififfff

BelsoMuiu j 6,70 +2.1#

Brahma PP I ’ 7,40 —Off)

Lojfli Amer I a.90 : —0.1#

Mannosmann OP J 2'JSSl 40ff?

Petrobras pp ia.oa -

.Souza Oruz.. I 10.60 -Off#

Uni par PB. j BffO'

Vale Rio Doc B-. .. 1 15.80 +0.W

July 14 IWcej + or lKIMiSr 54.6; -0.1 SSKffiSfeflASa -Ba W V+5l

1SB2.2 (7.7) j Swicc BankCpn.(81/ia/fi#): !41^0' 243.4 I S42.fi 2SBJ , 2M.1 (11/1) | 3S7.«0pm

WORLD

Capital Inti. (1/1/7#)

| Fra. I - KrijDn is, ■ Hoff -Roche PtCtjj 56ff 50] ~50Q - ^

^ ^ ! -I- — SUSP" - Bgad Tax* Hoff-Roohe 1/HJ S.GOoj +26 ".“■“•r ^*559

ARBED J I,t 4 rt +14 Urtthanra^T 67' -oil IntBrtbod' — . — 3,425 —76 573

Banq Int A Lux.,.} 4,looj MAN^^"..*""; iS I ^i J MmoB 1 aool |J!

Srnert t BR' WS + 5 toannasmann — 40ff. — _™1 - ■■■'- KaShi^iS;' " |§|

I + f Maroades His-... 277 . +3.6 ««“»— S - 2QO ' -25 Wkicwnan . .. — 373

Sec” 1 - ; t?- MatollBessell...... 205 | OenBuehrle. — r l.oiSi —28 Kirin 432

- j 128. B i 1M.8

147J (4/1)

USff am

Storks Closin'}

on

iridnd

price

djy

traded

1.556.700

+ T *

Chrysler

GS4.7C0

74

i.:33.;oo

20,

—

Ma>?h MCL ...

639.400

GLd.ECa

15%

;+ »,

ATT

696.200

53

768.500

21*

- *

East Kodak ...

577,200

75*

6B1500

29*

- *

Werner-Lain ...

S3. 600

20*

(“) Sjilurda/ July 10: Japsit Dow 7104.48. TSE 50B.15.

Base values or an Indices ere 100 except Australis All Ordinary and Metals—
500. NYSE All Common— 50: Standard and" Poors— 10; Snd Toronto— 1.00D; ttis
last named bssed on 1976. t Excluding bond*. 4 400 industrial*. s 400
Industrials plus 40 Utilities, 40 Financials and 20 Transports. c Closed,
u Unavailable. . -

Bokaert 8 8,145^ +5

| CimentBR 1,46a 46

Cockerill ! 146j +6

“5— | I|6S0! +40

Elaetrobel 4,i50f 420

Fabric ueNftt 2,40Gi —5

GffL Inno ■ 2,555i —5

GBL(SnixL)- j 1,3B0{ 4 10

I 1.703, —15

Hoboken 1 3,120 ‘ 435

Intercom- L53Q +2'

Kredletbank «ff00[ —6

Mannasmann — 139ffi +0,
Maroades Hlg .... 277 . +3,i

MetallgesBall 205 | ,

Muench Rir*ck,.J 640 I -5

Kajima

Kao Soap.........-.,,

Preussag 177 4l SahdoclB)

Rhein West Elect 159 . Saddoz /PtCSs),

Rosenthal — 245 l +0ff SohlndlsriPtCtj

SoheriDfl 873ff; +0.7 Swissair

Siemen — .... 2LSff! Swlw-Bank

w«ae-j . — 1 s.200! -as- SSSBSSr-.-S I

Oer^Buehrle . — .1 I. 0 IS 1 —35 Kirin " axs

Pirelli Blfi —1 Koluiyo.„... 905

SandarlB) — _ — ] 3ff50] - Komatsu 481

Koraa*«t>lft „. 345
Konishroiku- 690

Thyssen^ 1 84

Varta.. ;.i 144

Vsba..... i 128

3wl*»Bank .„< 27+ —2

—Off Swfae.Reinsse.^1 5/850

Swiss Vofksbfc.^1 - 955 —8
41 . Union tonk....J 2 70S* -as

Pan Hidgs 6,1 5Pj 4 100 ] VoreiiwWesto""! 269.. J. I WlntortttUft.Jl!l“j 2ffSal-^M

[Volkswagen-...

Zurich ins- lJ 14,300) Ixs Ex eiL

I’ri rae ea tide
ln *' ld "i .exchange*, end - an
"WrafoK. *d Ex dMdaaX.

Vofumer 2.740.1m.
Source:. Ru> do Jsnetm St

peg*: are. es quoted on. the
leal, traded pries*. #. Dealings
xc&.eorlp (mn. -*r Ex rtghts-

J-

T .T'r ^

r maneiai j. iiiies juiy lj ii/bJ

^ Conpanbs and Markets

LONDON STOCK EXCHANGE

Over rail deadlock

enterprise stifled by growing concern
adlock and latest Middle East conflict

RECENT ISSUES

EQUITIES

High LOW

Account Dealing Dotes

Option

* First Deciaia- Last Account
Dealings tltmg peiilngg Day
July 5 July 15. July 16 July 26
July 19 July 29 July 30 Aug 9
Aug 2 Aug 12 Aug 12 Aug 23

*"* Ne w -tims '* dealings rriay taka
' ptoes from 9M.ua tun businwi days
•art 1st.

Mounting concern over both
the rail deadlock and the latest
outbreak of hostilities between
Iran and Iraq stifled 'Investment
enterprise in London stock mar-
kets yesterday. Continued hopes
of cheaper money, not. entirely
satisfied . by Tuesday’s clearing
bank base. rate reductions, and
news of manufacturing indus-
try’s lower wage settlements
failed to encourage support The
1 outcome, was an inconclusive
day in both the main investment .
sectors with only South African '
Gold shares, providing a little
colour.

British 'Funds moved nar-
. rowly, fluctuating .either side of
overnight levels in a business
notable only for substantial
; switching operations-, most of-,
which occurred at: the longer
end of the market - The U-S.-
Treasury’s late ; announcement
on Tuesday, of’, a record bill .
offering' next week 'cast same
doubts on recent’ . predictions
that the Federal Reserve might
relax its tight money, policy, but
tbe U.S. bond market opened
higher yesterday. The effect on

Gilt-edged,- however, was short*
lived. > ■ •

Scattered final movements
were limited to .4 in each direc-
tion with the' exception of the
low-coupon Treasury 3 per cent
1987, which gained i to 77; The
Bank of England left money
market intervention rates on ail
four bands at Tuesday’s reduced
levels, as expected. ■ --

Wall street’s overnight indeci-
sion - imparted easiness to lead-
ing shares at tbe opening, but
values picked up later in the
morning. Interest remained
centred on Glaxo and, with
fresh investment, demand find-
ing sellers extremely reluctant,
the shares soared 28 more to -a
record. 703p; talk suggested that
a broking house had upgraded
its- profits forecast for the group.
In sympathy, Beectam rose 11
to -289p.

One or' two other constituents
of the FT Industrial Ordinary
share ■■ index . also - showed to
advantage. Including Plessey
and Thom EML But ' dullness
in Engineerings, particularly
selected smaller-priced stocks
such as John Brown, TI and
GKN, left this measure 0-5 down
on balance at 553.8, after having
Shown a loss of 2.6 at the first
calculation of the day.

Banks easier

- Publicity given to a broker’s
adverse circular, prompted re-
newed' weakness in the major

FINANCIAL TIMES STOCK INDICES

July July July July July July’ 'yaar
14 15 12 B 8 7 mo

Government Soc*.
Fixed Intimt.........

Industrial Ord :

Gold Mines

Ord. DIv. Yield

Earnings, Yld.g (fail)

P/E Ratio (net) (•)

Total bargalna

Equity turnover £m.
Equity bargains

10 .am 551

Basis 100 .Govt.
Gold Mines 12/3/58.

10 . 45 ) 10 .se lo/wj

9,021 15,059 13,033

70.02] 69,86 64,09
70.55] 70.48 66.29
551.4 556JJ 533,7
lBCJsl 188.7 316.0
5.58J 6£6 6,96

11.67. 11.62 11.48
10.421 10.46 10.91

70.86 70.88 '71.071 70.44] 70.02] 69,86 64,09
71.66 ' 71,51 71.33 71.00 70.55] 70.48 66.29
553^1 554*5 557.5 662.7] 551.4 556.2 533.7

852.2 213.6 207.9 194.51 180.61 1BB.7 .316,0

3.52 5.55 6.53 5-57| 5.5^ 6.56 5.96

. LUM 11,6a 11.621 11.70* 11.67, 11.62 11.48

10A8 10.41 10.461 10.38 10.42j 10.48 10.91

15^41 16,448 16,021 15,069 13,033[ 13,830 16,946

— 116.04 116.52 129.48 141,56] 123.871 119.99

12^6« 12,05810,78 «_10, 726l 10,90S 11,587

.7. TI am 654.4. Noon 553.7. 1 pm 553.5.

2 pm S53.fi. 3 pm 5533.

Saca. 16/10/M. Fixed int 1928. • Industrial 1/7/35.
SE Activity .1274.

Latest Index 01-246 8026.

NiJ-9.75.

,069 13,053[ 13,830 16,946
*.48) 141,68 123.871 119.99

HIGHS AND LOWS

S.E. ACTIVITY

atncaCompIhrt' n|

1 Hfgli

Low

High \ Low 1

*a u

Govt. Seo*... 71.07 6X.89

asm (5 /tj

Fixed Int-L 7i.ee 62.79

o*fn ' am-

Ind. Ord. 594.0 618.1

(M) (6/1)

Gold Mines. 502.0 181 J

(6/1) (SSrt)

127.4 49.18

9 rm\wn*> JbSBS'

(Gilt Edged
j Bargains.

160.4 | 50.55 I Bargains...

W6/11/47) (S/lffH ! Value

697.8 i. 49.4
pwiii) MiMO)

! 558.9 i 43.5 (Equities
(29/8/88) (26j10i71) Bargains..,
! > ' Value.-...-

Bargains... 215.1; 225.1

80.1 . 7B.Q
834.5 :23BJ-

' 195J8[ 190.B

73.6|. 71.8

S53,7r 260.7

clearing banks. Barclays closed
, a few pence off at 375p, while
. . Lloyds, which starts -the Interim
.. dividend season on Friday of
next week, ended a similar
amount lower at 375p. TJHtUand

- softened 2 to 328p, after 326p.
Discount houses turned Irregu-
lar, with. Cater Alien closing . 5
dearer at 325p but Union finis h-
Log that much off at 450p.
Elsewhere, the trend towards
cheaper money prompted a rise
of 3 to 125p in Provident Finan-
cial.

. Hambro life stood out in
Insurances with a fall of 8 to
277p on fears that tbe group’s
.new business figures, - scheduled
to be announced tomorrow, will
disappoint

Interest 'in the drinks sector
was .again mainly confined to
Cider -• manufacturers. - Pre-
liminary profits frcun EL P.

- Buhner were around £im in
excess In general market esti-
mates, and, buoyed also by the
-34 per cent rise in the dividend,

. the shares . advanced 26 to 460p.
HXerrydown Wine, animal re-
sults scheduled for July 26,
closed 5 to the good' at 112p.
Leading Breweries passed a
' quiet session, although the
undertone remained firm.

Building shares passed another
uninspiring trading session.
Among the occasional note-
worthy movements, comment bn
the preliminary figures
prompted a . rally of 6 to 164p
in Magnet and Southerns, but
further consideration of the
annual results left HAT Group
4. lower at 85p. Press mention
prompted occasional interest in
British Dredging; which settled
8 penny firmer at 33p. On the
other hand, Taylor Woodrow
gave up *8 to 485p and Bedland
■ 3 to 173p. G. Dew eased a couple
. of pence' to. 118p awaiting to-
day's interim figures.

Little of interest occurred in "
Chemicals. Id again traded '
. quietly and held at 296p. Sup-
port lifted Arrow 5 to 48p
following a broker’s recom-
mendation.

; Leading Stores finished with
a slightly firmer bias, although
business levels again left much
to be desired. Gussies “A" held
at 475p; preliminary results to-
day are expected to show pre-tax
profits of around £t84m.
Secondary counters featured
Time Products, which, having
been a du^l market recently,
rallied 4 to 23p on recovery '
hopes. Polly. Peek continued to
.react to profit-taking and eased
8 to 334p, but Cornell Dresses
were relatively resilient and re-
tained. the overnight level of

168p.

Cable & Wireless down

. Cable and Wireless reported
the expected impressive pre-
liminary profits and were
Immediately marked up to 293p
but this only attracted profit-
takers and the shares fell to

touch 2S0p before dosing 7
down on balance at 2S3p. Else-
where is Electricals, Thom EMI,
an unsettled market of late on
rights issue fears, rallied 5 to
390p awaiting today's annual
statement Plessey rose 8 on
investment buying to 500p.
Revived takeover speculation
helped Ferranti ' to rise 10 to
81 Op, while AB Electronic
perked up with a gain of 7 to
215p.

Interest in the Engineering
leaders - regained at a low ebb
with quotations drifting easier,
mainly on lack of support. John
Brown gave up 3. to 47p and
GKN 4 to 140p, while TI closed '
a couple of pence cheaper at
lOOp. NEI shook off recent dull-
ness prompted by the indefinite
postponement of tbe Taiwan
generating deal and rallied 3
to 91p. Ch enuring, up 8 more at
390p r continued to benefit from
recent Press mention, while
Bromsgrove Castings firmed 2
to 46p in response to the pre-
liminary figures. Yarrow dis-
played late dullness at 37 Op,
down 5, and smaller-priced
issues to give ground included
Binnid Qua] cast, 25} p. and Lake
and Elliot, 31p, down 1 $ and 2
respectively. G. M. Firth closed
a shade lower at 137 p awaiting
today’s pr eliminar y results.

Glaxo jump

News of the upgraded profits
forecast by a * leading broker
fuelled fresh demand for
recently popular Glaxo, which
jumped 28 making a rise on the
week so far of 53 to a peak of
793p; Beedtam advanced 11 to
289p in sympathy. Other miscel-
laneous industrial leaders
plotted an irregular course in
minimal trading. Heed Inter-
national came on offer and gave

2 p 6 to 290p but Bank Organfsa-
on picked up 3 to 136p from
the depressed level which fol-
lowed the disappointing interim
figures. Elsewhere, Fhffip Harris
. put on 13 to 93p in response to
better - than - expected pre-
' liminary figures, while Rolfe and
Nolan, stm drawing strength
from recent comment, appre-
ciated 4 to 96p. Barget revived
with a gain of 7 to 155p but
profit-taking in the wake of tbe -
recent good specuflstive improve-
ment left Peter Blaek 12 lower
at 320p. French competition wor-
ries brought about reaction of 5
to 221p in British Aerospace,
while similar falls were seen in
Carlton Industries, 165p, Charles
Hill of Bristol, 105p, and
Steetley, 169p. v
Motor Distributors, firm of
late on revived take over specu-
lation, took on a more irregular
appearance. GI onfield Lawrence
finished 5 lower at 35 p, after 34p,
following the increased interim
loss, while profit- taking clipped a
penny from Kenning, 66p.
Henlys, on the other hand,
attracted scattered support on
recovery prospects and rose 3 to
86p. Components were also
mixed. Lucas gave up 2 more to
I55p and AE shed a similar
amount to 39p, but Dowty,
annual results today, firmed a
few pence to 135p.

The volume of business in
Properties again left much to be

Ft ACTUARIES SHARE INDICES

These bate « the joint compBation of the Fraancial ThnBs, the Institute of Actuaries

and the Facidty of Actuaries

EQUITY GROUPS
& SUB-SECTIONS

Figures In paren U wcs stow nwrtjer of
stocks per section

Wed July 14 1962

Fri Thus Year

Mr Ml ago

9 8 foppwd

NEW HIGHS AND
LOWS FOR 1982

NEW HIGHS (28)

BRITISH FUNDS CZ)

Exch. 3 UPC 1043 Exch. Tone 1963
CORPORATION LOANS <2}

LNdS 15*r« 3006 LCC GW ’M-M
COMMONWEALTH 6> AFRICAN
LOANS <11
AurtrcH* Gpc 'IM-3

LOANS (1)

FFl 14pc -03

AMERICANS 01)

Com. Foods rBM

Gen. Elect. ua*. Tech.

BEERS <1>

Buhner CH. V.) „

CHEMICALS fl)

Afncnham Int.

ELECTRICALS (4)

Motorola PtasMH

Mmrbead Scholes CO. HJ

- ENGINEERING C2j
Bromsowe Casting Crown House
INDUSTRIALS (71
Baxter Travenol Swedish Match

Beecham lltrf. Gw

Glaxo Whom, Reeve Angel

Rolfe A Noton

MOTORS (11
Brit. Car Auction _

CM. Mr GAS (3)

Lon. Am. Energy NV Lon. Am.Gnenrr Inw.

NEW LOWS (58)

AMERICANS (S)

Amr. Nat. Has. Tesero PL

Guff Oil Zapata Carp.

BANKS (S)

ANZ Wefb Fargo

FhHhbnos

BEERS (1)

-GreonaM Whitley ___

BU7UHNGS (3)

Canon WWttSnaham

Dew (Georga)

STORES OO

Combined Eds. u T. 5 < S ,h '

ENGINEERING (71
Firth CG. MJ MMana lads.

HtoH Eng. Mow &ig.

Ulrt Prtwt CBeiO

Lafc* & B,k J,, DB5nuAts (8)

Cam Ind*. Low & Sonar .

Car dun Inds. .

Geslrtwr A «««=«*

Lead lads. Soils. Law

INSURANCE (1)

BrentnaJI {g)

a.f Lucas Intis.

Armstrong EnlB. Caffypa

AlltomotlM GtonfteW Lnmnoa

^ROPtRTT W#

British Land 12pc Morlsnd Seel.

Cur. 2002 RoXOhaugh

Clarke NWiwHi

TEXTILES fl) .

Gash ell Sroadtoom 1

TRUSTS (4)

■Channel Isl. Inc. Ne w TTi fug. NewWts-
Japan Assets _ Ktflogt
OIL & GAS (7)

serkelev Be. Nprsk Hytfro

BrK. Can Res. pW°,9c=»vyrcrt

CentuTf Royalty

I rrttH. P *^ veksCa s TRADERS 42)

GL Northern S^meOartjy

RUBBERS 03

Barlow HWs. Highlands

Co™. Plants.

Ron tern

RISES AND FALLS
YESTERDAY

Rises Falls Sunt

British Funds 7 7 77

Corpus. Dom. and
Foreign Bond* ... 12 7 57

Industrials 1B3 2*1 941

Financial t Prop*. 43 109 380

Ofl« - 25 16 68

Plantation* - 10 Q

MiAM • 70 19 65

Othora 51 49 67

Totals ... 361 458 1,839

desired but the trend was
towards slightly higher levels.
Stock Conversion put on 3 to
278p_ while Land Securities
hardened a couple of pence to
270p as did MEFC, to 169p, and
Great Portland Estates, to 14Qp.
Dae] an firmed 5. to 162p m
response to the preliminary
figures.

00s rally

Oil shares staged a largely
technical rally from recently de-
pressed levels prompted by ex-
pectations of a reduction in the
price of Saudi Arabian crude.
British Petroleum edged up 4 to
264p, bat Shell ended without
alteration at 384p, after harden-
ing to 388p in the early dealings.
Lasmo rallied 10 to 295p and
Ultramar 5 to 378p, while
Burmah closed a couple of
pence dearer at I29p. Elsewhere,
ICC Oil Services improved a
penny to 2Ip on the better-than-
forecast annual profits. Sun
(UK) Royalty, contrasted with a
fall of 20 to 120p in a limited
market.

Overseas Traders generally
held close to the overnight posi-
tions. Tpzer Kenuley and M111-
boum were briskly traded and
touched 59p before settling for a
net gain of a penny at 57p; the
Office of Fair Trading has
cleared the sale of the Inter-
national Trade Finance division
to Hongkong and Shanghai
Bank, 'ntaglmr Jute were
marked 3 lower at 25p following
the substantial first-half deficit
and gloomy outlook.

Occasional changes in Trusts
were usually confined to a few
pence either way. Gresham
House, up 4 at 134p, became a
better market after the recent
setback on adverse Press men-
tion. Among Financials, Mills
and Allen gave up 10 to 470p
and HP. Martin trended eased 3
to 30flp.

Shippings were rarely altered.
Recent investment support for
British and Commonwealth
fizzled out and the shares gave
up 5 to 468p.

The buoyant bullion price con-
sequent strength of the
Financial Rand prompted good
gains among South African
industrials. Barlow Rand closed
12 higher at 335p, after 340p,
while Abercom rose 8 to 118p.
OK Bazaars gained 25 more to
725p.

Golds erratic

Erratic movements in the bul-
lion price, following reports of
the Iranian invasion of Iraq and
also reflecting hopes of further
cuts in international interest
rates, led to a day of wild
swings and heavy turnover in
South. African Golds.

Initially strong, boosted by
sizeable overnight demand in the
U.S., Golds surged ahead during
the morning and early afternoon
on heavy buying from Johannes-
burg and London. Ensuing gains
were substantial and again
exaggerated by a continued
shortage of stock.

However, after-hours dealings
brought out persistent American
selling and profit- taking from
London sources and prices eased

accordingly to close below the
day's best Nevertheless, our
• Gold Mines index registered a
rise of 18.6 at 232.2— its biggest
one-day gain since November
and its best level for over a
month.

The marginal issues provided
tbe day's outstanding perfor-
mance as an acute bear squeeze
saw Durban Deep soar 139 to
703p. Other notable grins in-
cluded libanon, 96 higher at
790, Doomfonteln, 80 stronger at.
680p and Venterspost, 54 up at
300p.

Heavyweights were featured
by Western Deep and Western
Holdings which showed gains in
excess of a point apiece at £133
and £14i respectively.

The bullion price closed a net
SI higher at $349.50 an ounce,
after having touched $359 around
tbe opening of New York
markets.

Financials put on a strong
performance. Anglo American
Corporation singed 30 to 500p,
Gencor 50 to 740p, Johnnies £2i
to 28 and GFSA i to £27j, after
£28 J.

London -domiciled Financials
generally closed easier on

balance after a good two-way
trade. This saw further buying,
fuelled by gains in gold and
copper, and persistent profit-
taking which pared price grins.
RTZ were finally 4 off at 3S7p,
after 3S4p. while falls of 2 were
common to Charter and Gold
Fields at 193p and 37Sp

respectively.

Australian golds attracted
good support, with Poseidon 7 up
at 98p and Gold Mines of
Kalgoorlie 15 to the good at 165p.
Hampton. Areas added. 5 at 163p
in response to the good results.

The uninspiring performance
of the London equity market and
subsequent lack of support for
the underlying securities

resulted in a relatively subdued
session in Traded Options and
only 1,725 deals were taken out,
barely half of the previous day’s
total Demand for Imperial
Group position subsided, al-
though useful support was noted
for the August 100’s which re-
corded 139 calls out of 304.
Lonrno and Consolidated Gold
Fields attracted 179 and 157 calls
respectively, while British Petro-
leum recorded 143. Puts totalled
393 deals and, once again, the
lion’s share of business was
directed towards BP which
accounted for 107 trades.

OPTIONS

First Last Last For

Deal- Deal- Declare- Settle-

ings ings tion ment

July 12 July 23 Oct 14 Oct 25
July 26 Aug 6 Oct 28 Nov 8
Aug 9 Aug 20 Nov 11 Nov 22

For rate indications see end of
Share Information Service
Calls were arranged in Auto-
motive Products, Lasmo, Inter-
City, Tozer Kemsley and Mill-
bourne, William Press, KCA
International, Black and Edgin-
ton. Premier Oil, Precious
Metals, Smith St. Aubyn, Lonrho,
Bougainville and Trident TV A
Puts ware done in Da B een
Deferred and Bougainville and
a double was taken out in UDS.

ibO-BOl 2.01 2.1 SS.1

FIXED INTEREST STOCKS

“ a

Imuo § s
pries on
' £ t a

60 P | 5Bp :AntofaaaBta a.5* prnf.ici) ; eop —

— 100 I Bon I OX Conv. Cum. Rd. Pf_ 100 -1

i 10i£ Bournemouth WatorOX Rad. Prf/BTOfl.i Z13« _

pm U pmlGronltB l+% Cnv. Uns- Ln.'OZ IU pm

aaieIZO I First Nat. IZripc Conv. Uni. Ln. 1987 „134 -a
107 l«LonftContm%Conv^ub Uns.Ln.*SS4R 108 _

01 eiisiMBruwroushPrDpa.UUfCny.Ln.'SS^Olm 91ij) — J
27 ZBSi Midland Bk. 14% Sub. Uni. Ln. 1002-07.1 26uL_

27 25&t Midland Bk. 14% Sub. Una. Ln. 3002-07. 26U^— i*

lDOis'Natlonwida Bdg. Soc. 13«% (3/6i85).JlOOi4| —
9B7a Do. 14% (4l7lB3UlOOStl —

24la'Nsw Zealand 14>i% 1987- J 26 ~.

lppm Rotuprint lUel Cum. Conv. Rad. Prefiippmf— k

14 RIGHTS 99 OFFERS

Raaundation data usually last -day tor daaUnfl tree of atamp duly, t Figures
based on pmapanra aathaate. d Dividend rats paid or payable on part of
capital: cover based on dividend on lull on pita L g Assumed dividend sod yield.
I indicated dividend: cover relates to previous dividend. P/E ratio based on (swat
annua] earning*, u Forecast dividend: cover based on previous years Mtofaigs.
F Dividend and yield based on prospectus or otbar official eat Inures for 1962.
Q Grass. T Evgurae aasumed. 9 Fleurs* or report awaited, t Covaur eUowa tor
convert loo of shares not now ranking tor dividend or ranking only for re s tricted
dividends. § Placing price, p Pence unless ath envies indicated. 1 (sailed by
under. | Offered to holders at onfloaiy abam as a ■'rights," •* Issued by way of
cspiUDsatioa. S9 Rshitrodaced. 71 Issued la connection with raofgsnisstkm.
merger or takwover. RB Intraducdon. □ Issued to former pwfswBCB holder*.
■ ABoonent teture (or tuOy-peld). • Provtatonal or partly-paid snounant tMtsre.
* With warranto. tt DsaUage under special Role. ■& Unlisted Securities
Market, tt London Listing, t Effective Isms price after scrip, t Formerly
dealt hi under Rule 183(2)(a). ft Unit comprising five ordinary sod tins*
Cap. shares. A Issued tree ss an eatitiamoiit to ordinary bolds rs.

ACTIVE STOCKS

Above average activity was noted in the following stocks yesterday.

Closing Closing

pries Day's price Day*a

Stock pence change Stock pence change

Black (P.) 320 —12 Gold Fields SA £ZP» + T a

264 + 4 HAT

Bulmer (H.P.) 460 +26 Hama (P.) 93 1+13

Cable & Wlroleaa 283 - 7 Imperial Group 984 “ h

Durban Deap 703 !+139 Libanon 790 +96

Glaxo 793 .+28 Tozar Kamslay 57 L+. 1

TUESDAY’S ACTIVE STOCKS

Based on bargains recorded in SE Official List

Stock chang

RTZ : 15

Cona Gold 14

De Bears Did 12

Glaxo 12

GEC 11

Northam Eng IT

BICC 10

Tueada/s
No. of closing
price price Day's
changes pence change

Stock changi

British Aaro ... 10

BH Prop ...... 10

LASMO 10

Plessey 10

Racal Elec 10

Rank Org 10

BP 9

Tuesday's
No. of closing
pries price Day’s
changes pence change

A HNANOALTIMFS SURVEY

PANAMA

August 9 1982

The Financial Times is planning to publish a Survey on Panama in its issue of
August 9, 1982. The provisional editorial synopsis is set ont below.

INTRODUCTION The legacy of General Omar Torrijos, the country’s strongman,
and the emergence of Colonel Ruben Dario Paredes, the new Commander of the
National Guard as his successor. The stable country’s new geopolitical role in
the light of Central America’s unrest Economic prospects brighten.

Editorial coverage will also include:

Economy
Politics
The Canal

The Colon Free Trade Zone
Banking

Insurance and Reinsurance

Foreign Policy

Defence

Bananas

Tourism

Profiles

Businessman’s Diary

Copy date July 23, 1982

For further information and advertisement rates please contact:

Helen Lees or Richard Oliver
Financial Times, Bracken House,

10 Cannon Street, London EC4P 4BY

TeL* 01-248 8000 Ex 3238/3447 Telex 885033 F3NTIM G

i

Tbe size, contents and publication dates of Surveys in the Financial Times
are subject to change at the discretion of the Editor

im^NCIALTIMES

EUROPE’S BUSINESS NEWSPAPER

biiVsitiiiibi

36

Financial Times -Thursday July- 15 19S2

STS, CURRENCIES and MONEY

$ & £ steady

THE POUND SPOT AND FORWARD

July IS

Day's

spread

Close

On* month

%

p.a.

Three

months

%

P-».

The dollar showed little
overall change in currency
markets yesterday in the
absence or any clear trend on
interest rates. There may have
been some demand generated by
increased Middle East tension
between Iran and Iraq but this
did not appear to be a dominant
factor.

Sterling was very steady
overall, as shown in its trade-
weighted index, which was
unchanged throughout.. -

DOLLAR — Trade -weighted
index (Bank of England) I2L5
against 121.3 on Tuesday and
109.3 six months ago. Three-
month Treasury hills 12.05 per
cent <12-14 per cent six months
ago). Annual inflation rate 6-7
per cent (6.B per cent previous
month) — The dollar rose
initially in thin trading against
European currencies apart from
sterling and then eased back
during the a f tern non. However,
demand from the tl.S. pushed it

sharply firmer towards the close
before slipping hack to finish
largely unchanged. Against the
D-mark it finished at DM 2.4940
compared with TIM 2.4950 and
SwFr 2,1275 from SwFr 2.1260.
Against the Japanese yen it
closed at V256.10 from Y257.25.

•STERLING — Trade weighted
Index 91.3 unchanged from noon
and the opening and Tuesday's
rinse (90.1 six months ago).
Three-month interbank 12 v* per
cent (15 \r. per cent six months
ago). Annual inflation 9J5 per
rent (0.4 per cent previous
month) — Sterling opened at
SI 7245 against the dnllnr and
rn?e m a best level of SI. 7275
before slipping in tho afternoon
to touch a low nf St .7215. It
rinsed at SI. 7230-1 .7240. a fall of
just 5 points front Tuesday’s
close in London. Tt was un-
changed against the Swiss franc
at SwFr 3.6675 and only slightly
down in terms of the D-mark at
DM 4.30 from DM 4.3050. Against
the French franc it finished at

FFr 11.93 from FFr 1L9350.

D-MAKK — EMS member
(weakest). Trade weighted index
unchanged at 1212 and 121.7 six
months ago. Three-month inter-
bank 9.475 per cent (10.60 per
cent six months ago). Annual
inflation 5.9 per cent (55 per
cent previous 1 month)— The
D-mark showed mixed changes
at yesterday's fixing in Frank-
furt. The dollar rose to
DM 2.4955 from DM 2.4792 with
the Bundesbank selling
DM 1535m at the fixing and
sterling was higher at DM 43020
compared with DM 4.2960. The
Swiss franc lost ground, how-
ever, to DM 1.1731 from
DM 1.1749. Within the EMS the
French franc was higher at
DM 36.01 per FFr 100 from
DM 3558 while the Belgian
franc slipped to DM 5.2440 per
BFr 100 from DM 5.2500. The
dollar's firmer trend was
attributed mainly to higher
Eurodollar rates caused by

increased Middle East tension-

member (third weakest). Trade
weighted index 94.9 against 95.0
on Tuesday and 104.6 six months

ago. Three-month Treasury bills
15.25 per cent (15 per cent six
months ago). Annual Inflation
9.8 per cent (9.5 per cent pre-
vious month) — The Belgian
National Bank sold the equiva-
lent of BFr 2bn in the foreign
exchance market last week
according to figures released
yesterday. Such action serves
to underline. the relative
strength enjoyed by the Belgian
currenry just recently although
it seems unlikely that the.
authorities will cut the discount
rate this week according to
market sources. At yesterday's
fixing the dollar rose to
BFr 47.56 from BFr 47 28 and
sterling was higher at BFr 82.00
compared with BFr 81, .87.
Within the EMS the D-mark
improved slightly to BFr 19.0575
from BFr 19.0535 and the
French franr rose to BFr 6.86375
from BFr 8.S56Q.

U.S. 1.7Z15-1.7275 1.7Z3D-1.7240 0.2S-O35C dis -2.09 1.13-1 -23d is -ZB8

Canada 2.1870-2.1950 2-1900-2.1910 0.75-0.B5c dts -4.38 Z3S-Z«dl» -4.38

Nothin d. 4,73-4.75 4.734-4744 1%-1%c pm 3.4S 44-34 pm 3.27

Belgium 81 JO-82.20 81^5-81.95 T«3c dla ' -2.64 53-63 dis -ZS3

OflARtatk 14JQ-T4.31 1484-1485 ■ 1V24ore dla -1^7 V r 104dis -LSI

Ireland 1.2355-1.2525 1. 2475-1 .2485 0.fi1-0.73p dis -6.44 1.75-1.39db -5.83

w. Gar. 4.29-4 32 4.294-4.304 14-lpf pm 3.49 SV34 pm 3.37

Portugal 145.76-147.00 146,00-146,50 75255c dia -13.54 Z15-745dis -13.13

Spain 193.60-194-10 193-90-194,00 150*20Sc dls -10.39 510-555dhs -10.99

Italy 1402-2.412 Z 403 4-2.4064 134-1 84 lira dig -7.49 SSVS^rfiS -8.32

Nflfway 10.99-11.04 11.00-H.Ol 31,-4Vte dtt -4.63 fiVKFidi* -3.61

Franca 1132*11 SI 11.9Z4-11.334 2-3cdJs -231 84-104 do -3.35

Sweden 10.61-10.65 10.01-10.62 IVZLora dis -2.19 54-64 dis -2.17

Japan 440445 441-442 2,00-1 30y pm 530 5.60-5,40 pm 4.98

Austria 30.22-30.37 3030-30,35 114«4flro pm 3.91 23-274 pm 3.73

Switz. 3.654-3.684 3.6«4-3.671c F t -2’tc pm 8.59 71.-74 pm ' 8.18

Belgian rate is for convertible franca. Financial franc 88-95-39.0Q.

Six-month forward dollar 2^0-2.40c dis, 12-month 4.10-4.30C dis.

THE DOLLAR SPOT AND FORWARD

Day's " Ti Three %”

July 14 spread Qmmoirth p.a. months p.a.

UK) 1.7215-1.7276
Ireland) 13786-1.3815
Canada 1-2700-1.2716
Nstlilnd, 2.7430-2-7530
Belgium 47.44-47.56
DnnmarV 8.6100-8.8290
W. Ger. 2.4875-2.6(08
84.8O-8S.06
1122HM12.4Q
1,383-1.397
6.3815-6.3880
6.9175-6.9400

6.1590-6.1740
255.60-256.90

Portugal

Spain

Italy

Norway

Franca

Sweden

Japan

Austria

Switz.

1.7290-1.7240

1.3785-1.2800

1-2300-1.2710

2,7450-2.7480

47.5047.52

3.6100-8 .9150

2.49B-24S45

84.80-85.05

112.20-112.25

1-396-1.397

6.3830-6.3880

6-9200-6.3250

6.1620-6.1640

256.05-256.15

0.27-033C dis
0.55-0.45 c pm
O.24-0.Z7C dis
1^5- 1.2Sc pm
'1-3c dis

0.35-0. lOore pm
1.19-1.14pf pm
30- 130c dis

65-75cdts
6-7 lira dis

-2.09 1.07-1.17d(s -2.60
4.3S 1,15-1,05 pm 3.19
—2.41 0.54-0,S7dis -1.75
5.68 4.104.00 pm 5.90
-0.50 2-5 dis —0.29
0.31 par -Q .50 dip —0.11
5.60 3.73-3.68 pm 5.94
-11.30 70-370 dis —10.38
—7.48 185-215 dis -7.13
-5.59 W*.-2D*rfi» —5.59-

2, 50-2. 90a re dts -5,07 2.70-3.10dis -1.81
OJS-OJSedhi -0.60 1,15-1.65dis -4).B0
O.lOore pm-O.IDdls — 0.45-0.25 pm 022
1.64-1-56y pm 7.49 4.784.68 pm 7.38
9V8**gro pm 6.07 29-26 pm 6.27
1.34-1 .85c pm 10.72 5.64-5.56 pm 10.53

f UK and Ireland era quoted In U S. currency. Forward premiums and
discounts apply to the U.S. dollar and not to tha individual currency.

17.53V17.571. 17.66V17.571*
2.1180-2.1310 2.1270-2.1280

CURRENCY MOVEMENTS CURRENCY RATES

July 14

Bank or
England
Index

Morgan

Guaranty

Changes^

91.3

-82.1

U.8. dollar.

121.5

+ 12.6

Canadian dollar. ..

86.3

—20,3

Airatrian schitling..

116.5

+26.3

Belgian franc-

94.9

-UJ

□amah kranar.

Bl.B

—14.8

Deutsche mark-...

1Z4.3

+48.8

144.0

+ 84.7

Guilder

115.6

+23.0

73.6

—20.2

Ufa.

63.9

-68.6

Yen -

132.4

+86.3

iBank] Special ^European
July 14 | rate Drawing i Currency

5 Rights Unita

Based on trad* weighted changes tram
Washington agreement December. 1971.
Bank of .England index (bass avenge
1975*3 100).

OTHER CURRENCIES

Sterling 1 — I

UJ.I, | 13

Canadian sJie.50!
Austria Sch.. 6*4i
Belgian F_.J
Danish Kr....|

D mark.

Guilder.. 1

French Fr....|

Lira

Yen. 11

Norwgn. Kr.'
Spanish Pta.
Swedish KrJ 10

Swiss Ft -i Sis

Greek Dfch. 20ft

! li

B l
9t|
I 9 r

r.

0.629552

1,08615

19.0738

51.6973

9.37076

3,71049

2.99017

279.575

6.93941

131.992

6,63068

8,30915

76.3835

1 0.549673
1 0.947637
; 1-20654
I 16.6403
45.0133
'8.18047
| 3.36483
'2.60884
< 6.57483
■ 1321.72
,' 243.858
. 6.Q46B7
106,562
5.84360
: 2.01468
! 66.6425

• C5/DR rats for July. 13 N/A.

EMS EUROPEAN CURRENCY UNIT RATES

ECU

central

rates

Currency
amounts
against ECU
July 14

'4 change
from
central
rate

"& change
adfuated for
divergence

Divergence
limit %

Botaion Frnnc ...

44.9704

45.0933

+0.27

—

-+1.5501

Damrsh Krone ..

8.23400

8.18047

-0.65

-0.92

-+1.6430

German D-Moik

2.33379

2.38483 •

+1.33

+1.06

-+1.0888

French Tr^no . .

6.61387

6.57423

-0.60

-0.87

-M.3940

2.57971

2.60884

+ 1.13

+0.86

±1.5004

Irish Punt

0.631011

0.687032

-0.57

-0.84

+1.6631

Italian Lira

1350.27

1321.72

-2.11

-2.11

+4.1389

Change* are for ECU. therefore positive change denotes a
weak currency. Artiustment calculated bv Financial Times.

EXCHANGE CROSS RATES

July 14

£

. »

Note Rates

Argentina Peso ..
AustrallaDollar...
Brazil Cruzeiro...
Finland Markka..
Greek Drachma..
Kong Kong Dollar

Iran Rial

KuwaitDInarlKDi
Luxembourg Fr..
Malaysia Dollar...
New Zealand Dir/
Saudi Arab.Riyal
Singapore Dollar
SthJtfrican Rand,
U.A.E. Dirham....!

134,845
1.7030 1.7060
308 310-303. BO
8.2062 -8.3161
1SU.824- 121^38
1O.1630-1O.16BC
*145ia

0.49S 70-0,49650
8148-81.96
4.0 888 A. 0780
B. 3320 -2 .3 360
5.8280-55350
3.7050-3.7150
L8180-1.B830
8^895-8.3370

20.200

0.9876-0.9881
176.4a 176.28
4.7606-4.7625
70.25-70.40
5.8875 5.8825
•84 J»

0.2875641.28776

47.50-47.53

2.3680-2^620

1.3580-1.3538

3.43903.4410

2.1480-3.1520

1.1494-1.1907

3.6720-6,6740

Austria

Belgium-

Denmark -

France

Germany..

Italy

Japan

Netherlands .....

Norway..

Portugal ....

Spain

Sweden

Switzerland.. „.
United States _.
Yugoslavia.......

50.15-30.45
68.40-89.40
14.80-14.94
11.89-11.99
4.2811-4.3214
2370-241 0
443-448
4.72 U-4.7611
10.9711.07
14812-159
186-195 -
10.68-10.68
3.65 3.69
1.71lal-73lB
81-95

) Rate shown for Argentina is commercial. Financial rate: 63,330-63.370 agemst
sterling 36,700-56,750 against dollar.

July 14 |

Pound Sfrllngj

U.S. Dollar

1 Deutechem'ic

JapaneeeYen

French Franc

Swiss Franc ;

Dutch Guild'

Italian Lira

Canada Dallar-Belglan Franc

Pound Starling

I

1.734

4.300

441.5

11.93

3.668 1

4.740

2405.

2.191

81.90

U.S. Dollar

0.580

1.

3,495

2563

6.922

2.126

2.750

1396.

1.271 • |

47:52

Deutschomnrk

0.253

0.401

1.

102.7

2.774

0.853 i

1,102

559.2

0.509

19,05

Japanese Yon 1.000

2-265

3.904

9.740

lOOO.

27.02

8.307 1

10.74

5446.

4.961

185.5

French Franc 10

0.838

1.445

3.604

370.1

10.

3.074

, 3.973

2016.

1.836

68.65

Swiss Franc

O.Z73

0.470

1.172

120.4

3.253

1. I

1.292

655.6

0.597

22.33

Dtuch Guilder |

1 0.211

0.364

0.907

93.14

2.517

0.774 !

1.

507.3

0.462

17.28

Italian Lira 1.000

j 0.416

0.717

1.788

183.6

4.862

1325 |

13171

• 1000.

0.911

34.06

Canadian Dollar

0.457

0.787

1.963

201.6

5.446

1.674 . ■

2.164

1096.

1.

37.36

Belgian Franc 10O

1 1331

2.104

5350

539.1

14.57

4.478 l

• 5,768

2936.

1 2.675

100.

FT LONDON INTERBANK FIXING ( 11.00 a.m. JULY 14 )

3 months U.s. dollars

bid 14 Sr* , offer 14 7|B

6 months U.S. dollars

bid 15 US | offer 15 1(4

The fixing retss are the arithmetic means, rounded to the nearest one-
sixteenth, of die bid and offered rats for $10m quoted by the market to five
reference banks at 11 am each working day. The banks era National Westminster
Bank. Bank of Tokyo, Deutsche Bank. Banque Nationals da peris and Morgan
Guaranty Trust.

EURO-CURRENCY INTEREST RATES (Market closing Rates)

July 14

; U.S. | Canadian
Sterling 4 Dollar , Dollar

Dutch

Guilder

Swiss

Franc

D-mark

; French

1 Franc

Italian

Lira

Belgian Franc
Ccrrv. Fin.

Yen

Danish

Krone

Short term

12M-12*

13-13U | 16-16(7

8Ja-87a

Ui-Ut

naii

: 1412-1478

17Vig3«

14(3-16*4

15(4-15Je

678-71R

13-13**

lev lam

l3-i 5 .13r a 1 15V16*t

ata-an

1U-1U

, 14(7-14(8

18 *4-20 7 a

1414-15(2

15-15(4

—7 71«

1578-14(4

12 An 13>s

141„. 14.1b i 16,: : .16ri

3lfi 3^a

8**13

1 14(2-1478

19U-20

143i-15(2

7A- 7w

14(4-145*

lZJg-12!;

14^-15 1 16l ? -164»

4Is43b

8J-9U

! 1614-1553

20*8-2054

1434-15*2

15p,-lB^

7ia 7(8

15*4 155*

12,V. 12,%

15 15*| | 16S, 17

9U-9Ja

5ta*5';

9U-9J8

, 16*2-1634

21 U 21 l E

16(4-1534

15rV.15 r I-

7Ja-7I*

16S8-165*

One Year

Mra-Ur,

14T # -151k 1 16&I-17

9Se-9te

Sis-Ss*

8ix »rx

1 1712-171B

2158-22*4

13U-151.

14*8 -15 *8 1 7*4-778

V7.171*

MONEY MARKETS

London rates steady

SDR Irel'i-d deposit*: nnn month 12V 12b per cent: three months 12*u-12«^* per cant: six months 12V13** per cent: one year 12»i»-13*w per cent.

ECU I'nknd deposits - roc month 12-12'* por wnt; Ihroe months 12V 121* per cent: six months 12V13 per cant: one year 12V-13H per cant.

Anan S (cJncinn ratrs »n Singapore): one month 14J-141* por cent: thro* months M^-ld*** per cenq six months IS^-IS 1 ** per cent: one year 15-15** par cent,
lirm.tnim Curodnlljr: two years ISVIS 1 * per coni; ihreo years 15V-15 1 * per cant; four years ISVTS 1 * per cent; five yaara ISVIS 1 * oer cent; nominal closing rates.

Shrrf.mrm roles am call lor U.S. dollars. Canadian dollars and Japanese yon: others two days' notice.

Ten (ollpiivmn r.non ware quoted for London dollar certificates of deposit: one month 13.90-U.00 oer com; three months 14.40-14.50 per cant; six months 14.70-
14 f>0 per cent, eno year 14.60-14.70 par cent.

EUROCURRENCIES

Short $
rates ease

Short-term Burn dollar rates
eased yesterday, but longer-
term rates showed a slightly
firmer tone on speculation that
U.S. Interest rates may turn up
once again at some time within
tiie foreseeable future. An
easing of the Federal funds
overnight rate in the New York
domestic market tended to
depress the dollar in spot
foreign exchange trading, while
the decline in the general level
of Eurocurrency rates tended to
widen forward premiums of the
stronger European currencies
apalnst the dollar. Euro Swiss
franc rates fell by about 4 per
cent, leading to a strengthening
of the Swiss currency in the
forward market, while the
D-mark showed a similar trend
forward, although Euro D-mark
rates were little changed.

With French markets closed
for the Bastille Day holiday,
Euro French franc rates were
also fairly steady, but the
forward franc was somewhat
erratic.

VK rlrartng hank base lending
air 12 per cent (since July 14)
Shnri-ierm imprest rates
hnurod little change In the
ondrin money market yester-
ay. with one-, lhrce- and Rix-
n’mth inierb.mfc all unchanged
t I2M2J per cent. On the
flier hand the key seven-day
ale cased by i per cent to 124-
2} per cent.

Day-io-day credit was in very
horl supply, and the authori-
ses may not have provided
Dough help to lake out Ihe full
horlago. leaving the overnight
iterbank rale very firm at IS
or cent at the close. A short-
gc of ftiOOm was forecast in
hr morning, but this was
mended to £700m in the after-
non. while the Bank of England
rovided assistance.

larket sources suggested that

ie true shortage may have been
ven higher than the last fore*
ast.

The major factors were : bills
laturing in official hands and
net market take-up nf Trea-
ury bills — £2fi2m: the un*
indjng of repurchase agree-

ments — £644m; and a rise in
the note circulation — £60m-
Those were partly offset by
Exchequer transactions +£310ra.

In the morning the Bank of
England bought £620m of bills
by way of £5m local authority
bills and £8m bank bills in band
1 (up to 14 days maturity) at
124 per cent: £lSSm bank bills
in hand 2 U.5-32 days) at 12
per cent: £5m Treasury bills In

band 3 (34-63 days)' at Ilf per
cent; £2m local authority bills
in band 3 at lie per cent; £97m
bank bills In band 3 111 per
cent: £20m Treasury bills in
band 4 (64-91 days) at 115 Per
cent: £13m local authority bills
in b and 4 at 11J per cent: and
£2S2m bank bills in band 4 (64-
S4 days) at llj per cent.

Further help of £74m was pro-
vided in the afternoon when the
authorities bought £28m bank
bills in band 2 at 12 per cent,
and £46m bank bills in band 4
at 11] per cent

In Amsterdam call money fell
to Sg-Sg per cent from S|-8j per
cent, as the net deficit in the
money market fell, and may
have gone under FI lbn. Later
in the week the deficit is
expected to rise to nearly F) 6bn
on increased seasonal demand
for funds, but an exceptional
call on the banks' quota borrow-
ing facilities with the authori-
ties may be avoided by the
FI 13.121bn special advance, for
seven days announced at the
beginning of the week.

LONDON MONEY RATES

MONEY RATES

NEW YORK

Pnrtto rare Wa .

Fed funds (lunch -lime) 13-13 1 *

Treasury bills ( 1 3-wcokl .. — 12.05
Treasury bills l2B*wook) ...... 12.28

Lombard — MW

GERMANY

Ovornkiht ram .... 8-95

One month - 9.325

Throe months 9.475

Six months 9.S2S

FRANCE _

Intorvenlipn rate 14.75

Overnight ram 15.00

Onn msnlh 14.68/5

THrcr months 14.625

Six months 145625

July 14
1983

Sterling
Certificate
or deposit

Local 'Local Auth.
Interbank i Authority negotiable

1 deposits [ bonds

Finance

House

Deposits

Discount |

Company. Market ^Treasury
Deposits: Deposits; Bills *

Eligible l Fine
Bank I Trade
Bills 4 ! Bills*

overnight......

2 days notice—

7 days or

7 days notice...

one month

Two months....

Three months.
Six months......

time months...

Olio year..

Two yoars

12,^12*

12rirl3ft

ia»-i2A
12iJ 18

18^- 12*g

11*3-18

1814-1213
IBS* -12*3
123a-18ls
13 i* lBte
12 a*- 12**
18A-123S
121g.l2te

12i*

12*4

lSU-iaas

iSft-iaas

12S*

UlB

18ft

13-131*

13-125*

133*-123a

12 5a- 121 a

ISU-llTg

lSXg-lZU

12U-iai4

123*

121*

121*

12 (Q

12^

125*

18 U-12 ss

123*
183, •
12S,
123*.

11*8-12

12

12

18

18

12

lift

U Jc

IS .

11 V

11J,

12ft'

12ft

JAPAN

Discount rata 55

Call (unconijitinnai) 7.406Z5

Bill discount /Hirea-month)^ 7JB12S

Local authorities and finance houses eevon days nonce, othera seven days fixed. Long-term local eurhonty mortqaqe
Tates, nominally three yeara 13-13t» per eanr. four years 13U per «nH five yosra 13 2 * por cont. 4 Bank MU rates m ’table
era buyinq raraa for prime paper. Buying rates far four-month bank bills 11“» per cent: lour months trade bills
12 r a nor cent. «

Approximate oollinp raw far one month Treasury bille 11 7 « per cent; two months 11 J * per cant; three months
111 per cent. Approximate selling rats lor one month bank bills 12 per cant: two months 11 7 i per cent and
three months IV, per cent: one month trade bills 12*2 per cent; two months 125 per «ni; throe months I2*w porcant.

Finance Houses Saso Rates (published by the Finance Houses Association) 13b per cent from July 1 1982. London
end Scottish Clearing Bank Rates tar lending 12 par cam. London Clearing Bonk Deposit Rates tor sums at seven
(Jnys 1 notice 9 por cent. Treasury Bills: Average tender rales of discount 11.7492 per cent. Certificates ot Deposit
(Sones 5) 12* per cent from July 13. Deposit* withdrawn for cash 10b per cent.

FT UNIT TR UST INFORMATIO N SERV ICE

AUTHORISED TRUSTS

01-2961839

Abbey Unit Tit Mn^s. ia)

MSt Paorr Ctarehiwti EC4P4CX

S&rSB’ ®3::d^S

Carffcl creed)

American!!

sst'

Cmgmoont Un# Tst
BueUfrduiry, London EE4R I

UK Growth.

SS-fc-ruM

AB« Haver & Ross Unit Tst lUngrt.

45; CcrntsH, London K3V 3P6.

AHRGh Ties W*.0 48.41 -04| 12 M

A Red Hmbro UL Jm) (g)

Crescent Unit Tst. Mngn. LhL(a)(^

4 Mehrifir Civs, Edifltorvh3
Crw. A me rican 1374

091-2262

1&C Unit Trent W,

Th* Stock

aESE£-sr=BSi Sid IB

i

Leenbw ArieWstreflen lid-
2 Sl Mary As*. EC3A8BP. 014235114.

— mi s*a.-z-a as

RMgeftBtt-MbabBMm* Ud. . • - •

IFwterr So, EC251R0 .

iSSSSfi&efdiBjl ;

RethscHU Asset li*ns»qcmort_ -

Si. SwibkA UM.MtnK4, 014814355

tarns*, few.

.,4 -

Cres.Hlgfc
Crej. inreraaw«),_

ll„_

Andtnan Unit TVnst Mmoers Ltd.

6% Lovdsn WaH, EC2R7DQ 01-6981200

Andrrwn U.T_I tbSi 70S — | 348

Amtoctrer Utrit Mgmt Co. lid.

1, koblr SL.EC2V7JA 014968191

^3 “J 'W

Anthoar WW« Unit Tst Mgmt Ud.

OX-247 8827

Cm. RmorvH

CmTokjt-

Dartlngtoa Untt Trest Mngt LM.

Oaningtoa Tones. Dmi T096JE. 08038fc y/ l
Your pwf. wtt tslpba . 234 —4 ^3

Ofscrettnury IWt Fbnd MansM _
36U8 New Bread St, ECZMlhU. 01-6384485
Dm. me. July 2 gW.*' 2S73 — 1 4.16

Darfur Unft Tnrei Mangers Ud.

51 Pad Mall. Ipodon, 9W19JH. 0W30Z122

S5St£^®l JHirilR

E. F. Wtaehnter Fund Must Ltd.

«. Square. WC1A2RA 01-6238M3

£S£%srM HdB

Evdty & Lm On. Tr. M. <a) <b) to)

A m t rtMm W, Wi gtyWygynfae. 049433377

l>KGwth.Tfi.i

It. Tst. Inc. _
nc.lst.Acc..

.. Inc. T«. Inc.-

Frfll

GdtslFrf.il .

RthAjrarW*

Far East Tsl Acc
BeneralTst.

FWefity Irfernttaerf MangetmtUd.

2Q, AbenerfUm tendon EC4N7AL. 2839911
Anm can tri- . . Ig.? jj-j- .--■■J 029

STiSsbilll

&mwth & Inearo 55!s 3531 ..,.,1 1 33

Uoyris Ml Unit Tst Magw. Ltd. (l>

UK GN lb. TB.
Hrtvr'n^B

DW 459)44

fp “
'■*0.1

Lloyd’s Life Unit Tst Mngii. Ud."

aSUWA*tEC3A«BP.

Equity Accun. Q)~I2HL9 30M +2JJ 4JJB

Lead AuUtarilits* Hfcrtwl

77, London Wail, EC2N IDS. 01-5881815

RrthscWW Awt Mwieimat
72-aa Wn Ariwtarr. . ; W96J441.

MC.CdVl^£Ta„|12««

N.C. Iiwxar Ffl — ^

N.C.Amcr%a<W.J
N.S. Aswna (ACtj

N.C.&n*9erCe*—

Rmh Un# Trett Mn* W>

ssass.isr.i-! -SSSa --

RotI UrfUrtMp, IM

Wellington Hjc, CeWiretoi rra

C*»ulAauaTi-BSUm? . — I 6.40

Tst Op. Ff .MRS-UL

Bidyto Locsi Asdatttc.

SMO:

&

19, IMdefinte SL, London, □ 7HP. 0X4478827

RfcffJS!=« W

Arfa rf N

sr.QutH

Ar treU mo l S ecuri t ie s Ud. taMcl
57, Oueen Sts. London EC4R1BV. 01-2% 5281

dames Ftatay Unit Tract Mngt Ud.
16-14, KM NRe Sum, Gtasgoe. 0*1-2041521

Finlay WUEmw- 44

Actum Units

ISSBHfeB

Pr«K aa jab XLtant i

Framttagtoo Unit Kgt Ltd. <ai

Sm A Prosper

4 Greet SL Hrirm,

t*-73 tam,

lis tiB lw income I

Hiqh-YifW.; .—.I

Swh cr Cot, i nc. F A .

in sar== 3 B

MjBSzsM

fhoriras. Ftarfs. W

Eurnpr

LM4M.EC3F 3£P
«X

7S51

E^Smiwfuad

ISPSSS!^*

Aittnray Urft Tst Mgs. UdAXcl
317, High Halnonl; WC1W 7NL 01-8316233

7 *

fl-ln I I Jrf Melelfreent

fvitwflfFri

Reroneg* Sdni, Manchester 061-8342352.

Ariran^ii Fd Jsdy 13 DOLd 207J5I — | 5JI
Berclxys Unicorn Ud.ta)tcltg)

Unicarn Ho. 252. Renrfdrd fhL, E7 <06345544

Si

ml

...E4

Oq Sfr

£ IOTA'S.-
B.ISR’te

Pa. Wider Ide Tst.

BTstlaFtLAcc.

Da V mree

Berinq Brather s 4 Go. lid.

A Pu hb uBta t n, EC2W4AE.

Robert Fraser Trait Kgt Ud-

28b Albemarle St, W.L 02-495X01

RoM. Fraser UL Tst. H6.7 70A? .....J 6.00

FHendc Pw». Trust Manages laKbKcl
Phhan Erf Dmtonu- TeL88S<K5

STgsr^ffi’i JUiU-sa

Fotrfs m CbwH

Pirfic Trustee, KmgMrty, WC2. BM054300
CapliatJolya
Gres Inc.

H*hY.rf_ . . %

G.T. Unit Mwiagws LM.

JA RaOwyCraft EC2M70J.

.TCap. Income [

B. Ac C.- - ■

.T. |k.RL ija

.tefcfc

T. ln«. Fund -

TEurepemiFund.

(.66 Trust (a) <g)

5 Raytagh Road, Brentwood
G.A6 1473

333MS

653) -DU 222

GL6288Z31

2 ST. Mary Aw, EC3A8BP
Dealing only; 01-623
American Trim

Australian Trial- ,

Commodity 9
Eatra Income

(0277)227300
50.71+011 SSL

(a)(g>

CXL-6S611*

MamUfc M an ag ement Ud.

St-Gearpe’s Way, leverage. 043856101

ai.rj JS

Mayflower .Mamgtnwnt Co. Ud.

1448. Grfdwr Sl, EC2V 7AIL SMM8099

— -

McAmUy FMnd Muaaganent Ud.

Rrgb Use,, King William St, EC4. ' . 014234^1

Mwicap Unit Trust Moms Ud (aKcXg)
UnlaxnHte.2SZItemfmdR4E7. 01-5345544
Mura. 1483, Slii^Ui; 630

HMstOBjr Fund Hampers Ltd.

50L SittaemSt, EC2P2EB. _ OUOD4555

‘dll

0705827733

Scouhares--^'. — 1^99

Schrader Urft Trust Manager^Ud,

14, James St., WC2

iTi —
jlfaan. Uhlii).. — —

(Acam. Units)..-

Bridge fend Mmgws (aKcl
RreeHse.,King WrSlemSL,EC4 01-6234951
Gen-t

Snttb'b AaaicaMe lm. «"art. LU. ^

150 St Vincent SI, Glasgow. 041-2482323

’EguKy Trust Accuar- 1112.4 12U| +CL1I 531

BSISS— B),. >

ISuHng day BMhesoay.

SnttU .WMaws’ Font Mamoencot

p.0.BDt902,EdlnlwryfiEHl65BU 0314556000
PegmTLJuhrl4..|M.O 10321-04 -

SlldCO M arny Funds

66, Camion Street, EC4N6AF 01-236 1425

Stewart Unit TsL Maoagen Ud.ta)

45.t3Brio|h-Sq^ EOnburgR' 031-2263271

- tAmertcan Fgai

ACOxa. Unrts —

Wahdraiw 1 Units...

•firaah Capital .

Accom. Umt! .I

son ftWaerr Fund Mmapeownt U4. :

StnAUunerHse^ Horsham. 040364141

fi«S«~iaS < 0 T 4 *^ ®

Swiss Ufa fen. Tsl Man. Co. Ud.faKc)
4-l2Chemredc,lflndaa,EC2V6AL. 01-236 3841
EcwjtyDnt.*. '

FMd Inf. I

iT Not drallog £%. 3T
Targrf TsLJA^ra. Ud- la) (g)

31, Cretan St, E.

CBwma diiy-

wSSwdTfx.__..^^5

&WFwnSAtS- g.S

Finmdat...^—

Gilt Capital: 1505

Cdr hawiie ?2 •

hrwsuu e ra Tnfsr_„. "
Special Stations—

DNhmp: 0296 594L

Trams Union Unit Trust Managers
' 100, WMfStreet, EX-2- 014289011

TOUT Joivl J6&1 694 —4 537

Tnrasattantk and Ben. Secs, (e) fjr>
91-W. New London fitt, Chelmsford. 0245-53*51

" iaK=d& ““
s-’ijaf— i|i

..rfklinqFiijufra 46.7

S^hnJol'y8'*:?B44

fftCOMB UflrtS r_„_

yjrw Gwtn juri 13.

BsnSfiT

TyirfOU Mamegws Ud.lallbKc)

Ufa Urft Trent Mngrs. Ud.

^orawiBwFWfenSv.rierte. P. Bor 51122

&&2gs. '

Do. Inco me Ote t.—

. j «urf Managers Ud. (a)

Ltnmpi WemtMejTrlMWB. (S-4(E8876

.. _ (04510094

BrevriBlhU.Gr. Ik. -|48J . «« 1 4AB

MW Sanmi umt Tst Mprs-t (a) -

4568tCfiSt.,EC2P2LX 1_ 01-6288011

MzilB-

Cspel darned MmL ...

- ec^Niaa

10aOW8rerf&,
Ctartai,

WJliB

01-5886010

NendnUng.

Carr, S^ap Urft Trait Managcrslo)

57/63, PnnetM Sl, nlaecnretw 061-2365685

Cant Ud. «f Ha «f Warn* of Etogtandti

77uM4BnVMLEC2N108 014881815

Jsatw,

Nerthgate Urft Trust Managers Ltd. (c)iy)
aOrrfoomtb K2R6AQ . (04064417

Nonhgate Juiyl — "

(Mam. Untw) — ..... p n

Nerwkh (Mon Inmraocc Gruip lb)

PD.flw4,NPnmctvNR13ri6. . . , 060322200
Creep Tst. Flow BQ53 S3LH+UH SJ8

Pmri'Xrmt muanm Ltd. (aitgKz)

mnvWClYTEB. . 01-4058441

Ctartacw Oarttta* n/r Fgndtt

15, Mocnjate. LotWXL ECZ 014384221

| riBB

CWdWrf Official IrwsL Fnad^

77 Lowto Wad. EC2N1D8. (04881015

iSS.SS=i SS Irj L M

Chk-ftii n That Mrogwi Ud (a) (g)

H, MW SL, EC2M 4TP _ JJL&B&&

.2^-031

OodWw fend KnawAB}
57.raA<taKaMSL, MncMsaer. 061-2365685
Grswih- 4124 WJ

|u Ud

5aCWace*Lme,WC2AlHE- .- 0KM2QZB2
GrtwWForf 178.7 8281 +021 <50

HK Urft That Managers Ud. W .
3Fredensfc’sFL l 0iajewD , /K2 - 0148642U
" *

xapereL.

. > Tgr^_.

riKSte^rLMdm.

WCPmoReTS-I'

HKanatwcnsTsL.

WKTedmctegyTs

lns i rfiiiem Bank of trefand (a>.

essucos tv 5 "*"*

hwostmat iHWjjrnrr Ltd.
MSBoraapSLEGZAZAa: / 4048662*

JrwCpmeT.T

tarf.jec.jt

(erf

Intel

Mtg fend Mangers Ltd. la)(a> ,

' (04286626.

IldUffO.

m»-A

.332

Pattcan Units Arietta, Ud. (glbi) •

5743, Princes St, Hancbnw- 0tt^3656ffi

PeSoa Unte — MHUiJ 4.74

fef*«toa) Unit That Mngnt. Cal ft)

48,H»tSL,M#nieyooTlamB 049126860

Growth .[~~~

WrfrffcfflraTd

PrwBcrf hrewt c^ Ltt. (fiW-

4^ ffioomjbwy So, WC1A25IA 014S8893

Prtrfnfiri Life lm. Co: Ltd. -
Z22.BhnBiDgaM.EC2. 01-247 6533

Want

HEtStC

m

.Idn Wali spec. Sltj.]

TS8 Unit Traits (6> (*) (g> .

M rioa A Kernis rise ArfJver, Hants, SP10 IPG.

ferft Portfolio Movs. IJric-U fU <rf^

Hrf*mSa«,EClK2NH. ' 0640M222

. 8 SSte=i=fiB''

WyErempi Fd _

BOSStram

Khrf—TT ttamon Unit Managers

aQ.Ferenwoi^aS - «Ma38W0

UMrf Barfc ta) - "

wawSfieeLSritasL
CWU«4riCiwBli»™|44.9..
Urft Trust A rag in d A
Regs rise. King WUokbSl

. RwiHie-Fafld., — BJ4

OZ32 35231

462)4011.486.

ltd.

..W 014234451
S 6 Arf .^..4 I*

Mfaon Unit Hgn. Ud. . .. -

■HiaaceHm, T erfnrare W d fa , Kl - -009222271

NOTES • • ■

ftte « km amen nhetwiseimdcBM arf
tbtat rinigni«jt S wntv w prefix Mh. » U.s.
rffiam. VMds% (ihowim test cohaaOritewfprrf
OOMSes. a Offered prices meted* rf
woew^i toOryj prims, c VWrihairf'twhlfrr
oris* « ESUMrf i.TaiMV obmmO -Britt.

Orfritemm. .ftra S. uSrwtSTWS^

.0* rfiHim tew*.— . ..

figurante- X. Offered trke mart* eg 'iwrf

S^ggaaSSiS?«B£

I^^Dffare Jmey £52852*.

tS-0«» »*sii»ie re cfcartaette bwHcv .

N

; £’t

Finaadal Times Thursday July. 15 1982

INSURANCES

Abbey Ufe tou n me Go. LbL frt
L3StJfaiTyChBnfaant EC4P40X. QLawotn DBS

mnm»FH

EtantvFimi

Fmd_

*7.9

U> 7A

(MfMWjt Fima^_[lJ9$

Prap.NLtor.4-_ w .‘

wSar. 4-ZZZ

SSSSrfcr;

FiirfrtltftLSw.fl..,

furrnwR Srr.C..

HfehfS.Ser.4.

imeud tar. SeritcA
Pewfeo Proocny ___
Pmaori Equity
Pension Sefem
PmknNLnw

ftWVUQ

' Pardon Rxsd lot!—

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Barclays LHe Assur. Co. Ltd.

252 Romford Rd, E7. 01-5345544

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Cirofcrot* St., Chain*. Herts. WUMriX 31971

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London Ufa Linked Aw. Ltd.

10aT«tateSUBrtO4,BSa.6EA. £072-279179

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64/70 H*qn St., Crayrtai CR09XN U-6805225 Secure

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Schroder Ufa Anatann Ltd.

Entetmte House, tansmouth. 0705827733

nSedWreaZ

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14 New Brifar 1 Street, B04U6A0 01-3SS8B1

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1017

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— -252 High HoflxnvWClV7EB. DLflBWL

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44 MOB WMtaai St, E04P 4HFL 01-6269876

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- 68, East Street, HontarD CWB50235

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tad. Bond July 13^-

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2. 3, 4. Cocfcspu-SU SW1Y5BH 01-9305400

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Kras aeding day 4uly 15.

GsttlMf<5 Mahon Int Fpnd (Guernsey)

PO Bc» 1S6, SL Ptttr Port, Gutmsty. 0*81 23506.
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S.D.R. &S*m1 rn * -~-J17.S6 17,7.

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Karrtbra Pacific fund Mgmt Ltd.

2110, Connaught Centro, Hong Km

FarBwJuhW W5ZU5 '

japan Fund July 7 _|»35 8.9

Bantams PA Mgn. (C.I.) Ltd.

PA Bo* 8b. Stensty. 04B2-265Z1

Caput) Rome Fd.T,|05 10

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Dollar Income Fund_m96J LOUl -HUQ] U3Q
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lirt. Suds. a B' . — 1

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ttedudes initial darge at mvd orteis.

Henderson Admin. & Man. (Goernwy)

7 New Si, St. Peter Pen, Guernsey 048126541/2

Aintriun < US cents'. |isa.6 113-3 4 —

la :::::! u»

H en ders o n Baring fawp

83TL Gloucester Tower, 11, Redder &, Hm Kong.

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HBI-Seraud & Co. (Guernsey) Ltd.

8 LrFriwro Si, St. Peter Port. Guernsey, C.I.

Guernsey TsL 12032 37.41 +07] 334

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P.O. Ban 63. Jersey. 053476029

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an. BpkIPA. Si Hetta. Jersey. H&U7 W.

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31 ^ 5 , Gresham Street. ECZV 7UL 0-6004177

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hql- Income Fd. l»7l «»ri*a«» —

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Ramlnco Managers Ltd,

PA Bx. 1599, KhVro, Bermwfl- «TOM9)Z-rt»
RAMINCOJuhS SOBS 9L2| — 4 —

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Richmond Ufe Ass. Ltd.
« MU Street, Cbogbo. I.D.M.

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26525

Brown Shipley TsL Co- (Jersey) Ltd.

PA Bon SSL SL Heder, Jeney. 053474777 he Man (Growth F&>.|ll06
Sirritag Bd. RL <h>— ICT.S* *3*4 .. -t 13-76 M. Ohito “ ‘

DBtav -'

14015 —

107,

UL

ECZVAOU. 0272-299524

***$% z

ButterfMd K fa n ag e m e n t Co. Ltd.

PA Bax 195, HamUtav Bemwta.

Buttres EdiAty— — SJ-SO

Button fncome — .3230 --

Prices at Jure 7_ Ncit n6 dBy July 12.

CamCap__

Ireenulloral Cap
IntrmaUoral Atx.
American Cap. —
American ActL _
Far Eastern Cm.
F^r Eastern Acc.
Dbtntaition —

CAL Inv est men ts (loM) UfL

16. a-CecrowSt, Doutto: IOM., m 0624250TI
CALCmdty. LCTOcy.* .K£UB 1JJ3-.--4 * 47

CALMtuJ** P02 _ £C bl -5.M —

■ NM'MHng day -July »■ •*Ata 9-

Captan SA

PA Bw 170 12U Gtwnu 12. 010 41Z C66238

— Fornrin.

— Bondseta-

W 3°

1134

“ i4 "

00-7499111

£&zz..

PemMM«ed__

Ptns.MavTOAcc._l
Rfm. FVopertyCap.

Pens. Property Acc.

Pens. Equity cm —

sa&asc^Hai

Pets. Cash Acc 125.9

he. trod. cap. — U83

Pen*. Irani. Acc. 123.1

ttan American Cap-
Pens. American Acs..

Pera.FarEstro.Cap.

Pens. Far Estm. Acc.

Tuytt Ufe Assurance Co. Ltd.

5jE H « t ^%asfewi

Man. Find Inc—

Mai. Fund Cap.-
Mat. Fund Acc_

Alan. Fd Irrit.

Proa Fund Inc.— ,

Prop. Fd. Cap- -

Prop! Fd. Acc

Prop. Fd Inh 1

Prop Fd lm> U47J

BaTOta.Fd.lnc._pL2
1 — 11067

Capital Asset Bhc a g e r s Ltd.

Betmuda Use, Sl JnUans Are, SL Prtwr Peri.
GuenwtyC.lT 048126268

The Currency Trap .4860 91fl -1431 L09

Capital Inter na ti on al Fond SJL

43 B o ul t ro r d RayaL Luwitouq

Capital biLFuri I 52338 I 4 —

= %££■

it*!

Fired InL Fd.
Dep.Fdlnc

Dep.FdAoc-

Dep.Fd.lmt

UX Equity Fd Inc. _

U.K- Equity Fd. Cap. .

ILIt Equity Fd Acc— .

U.K EquiSra lnft_B??f 5

01-247 6S33
1963 — —

1533 — —

17X8 —

1820 —

m/3 -01 —

967 —

1854) —

1024) -OA —

mi 409 —
no! -a< —
1065 405 —
1»7 -03 —
1293 403 —

1365 402 —
134J -OI —
149.4 -Oil —
01-247 6533.

InL EqidtyFtL Inc— 1173

&as%s£=s;

twafcjgi,

ml Ptai Cf. Pan— 1966
Mre.Pni.Fd.Acc— -JH

Mjrt.Pan.RL Cap- ■

GBt Pen. Fd Acc.fl

1209

UU

Sfo.7

GHt Pen Fd, Cap. 1

Fd. Acc —

I Prop. Pen. Fd-lHI

PTOp. Pen. Fd Cap.— 2143
Guar. Pen. Fd. Acc — ]A04)I

Guar. tan. Fd. Cm 1393

lrta»-L- Pen. R 1 op. KiJr
tadDc-LPenFiLAcc-- 963

Sterilno Fund—

ILS. Orator Fund

Swiss ftranc Fred — ]
Deutsche Mark Fond.
YenRmd —

332.7

2D4.7

WtSJ

ffl

w*

U65
1413
1227

j« . ^

ijfa

„ „ 11^+331

tMflSJflM _+2j|

10.41

lOffi

4090

&

25023

+301

4008 —
40391 -

0169

A -

Tr ansi t tle roatlonal Ufa las. Co. LbL

55-57, High Hotavn, WC1V6DU. 01-831 7481

Series 2 Man. Fd 11353 142fl

Series 2 EqutyFd- WL7

IStellSSinLFd! lsJJ

Series 2 Money Fd— 133

1205 — 4
1165 —

089222271

ifaval Ufa hwingee I Id
NewftaAPta«LiM9ron)ii693W 051-2274422
ADTOShtaklFd IS5JL 248.71 — 4 —

Series 2 OtawFd™ UD.7
TidlpInresLftL — Z39.7
TiurostanaoedFd. _

M a n ape d Iny. Fdlra. I
M rea ged hn ftl Acc. . 149.7
Ma>iPRLFiLCap._ 189 3
tert.Pen.ftlAnc_-®73

Trident Ufe Assurance Co. Uri

London Road Gloucester..

gdjKdl

American.

U.K. Ecaity Fond

Mritririd.

S&Edgro-

Final

Pens. efltEdged Acc.

Pm£td.Dep-Acc —

Pens. Pty. Acc

Tri Inv. Bo nd ,

TymbN Assurance/Pemnns

lB, Catenae And Britsol. 0272732041

Sifezzzzl aa

Equ» 1 3040

ooncL-

— Enrotax Investments LbL

'S, Sl

Eurotaa Ira. Fund — [1006

072733166
114JI —4 -

tfanfeugh Ufa. Aasmme

41^43 Maddox SL, Ldn.WLR9LA.

MamstadFd 1215.'

Vanbrugh Pen si on s Urattad
4M3, Uaddn St, Ida, WOR9LA

(□.-4994923

01-4994923

—

MexLMcedGnt

Gunneed JZ

1

Executive Ufa (&LF. Managers Ltd.)

PA Bar 2063 Grata Cayram B.W.I.

Trans AUiH G*«K Fd . 151035 — 1 — J —

F A C Mgn*. LttL Inv. Advisers
X Laurence Foirttney MB, EC4. 01-6234680
F&C Atlantic Fd. SA ■] 3922 I — J 163

F&COrfertalFd 1 S1655 I ..-.J iS

Price July 7. Weekly riafings.

FlddKy In te t na t l onaL

8 Quecomtw Koa*, Queen SL, SL Hri ta r.

Langhw LRb Anar. Co* Ltd* - m

Hanes* flm. Fund_41263 — I — AnteriS.

LangMta'A'I

proa. Bond—

v5S CSP) Man

Ford Irl FdUcm.

E4ulyFd.Aa.___

Equity Fd tat —
EatayFd hKk
lw.T5tFd.Ao_.
lny.Ta.fd tat-—
In Tar Fd ixcro. —
Money Fj. Act — — ^

SS

Qrt-faDaU Wv.Fd,
mwlwOHL— „
Suweptm H-—J
BceutotMa&H— T

1L62

Windsor Ufa Assnr. Co. LbL
Royal Albert Hse, Sheet St, WMsor 68144
faritaa j ta» . . . mfl .4 1167

Aourn. Pen. Units — [173.7
Flex. hw. GroaUi^

Future AssdGfoath

Adl Axrt Pen.

OFFSHORE AND
OVERSEAS

Adg Invasliueut

ftstfreb 70 a 8000 Bhraldi X 7 rin 534269

ZLT ■“*

Albany Fund Maagera e at United

P.O. Sea 73, Sl Hehar, Jersey. 053473933
AJhany$Fd.(CI) — KS437 15718] — I 185
23.

Jersey, OI.

American Ametstx)—

SSSSESSi

Australia (xl ■

0534 71696

.4.91
19J3
SA3A

rjQQQ

Amrtcui Inc. T9 <1)146.9 49.7]

International tz) —
Orient Fund (71— »

PadHcCz)

Vtaridte).

GNtFbndF.

OA 22M

*ftit« at July 12.

+31BI

■KUM

-oj: 1

-am

-OH

4-1.91

+003

1-04

P 8

3J»

14J4

079

0.72

194
9.40
J3 £3

Fteming Japan Fond SJL

37, roe Notiw-Dnrnr, Lmteniwurg

Flaring JulyU 1 42.99 H07y -

Frankfurt Trust &ms*ment— GmbH

Wleseneu L 0-6000 Franklurt '

SilSAEftewzISii —

Free World Fund Ltd.

BuuetllsIB Bldg, HarnKtea Bermuda.

NAV March 3L~ — I SL4420 I | -

G. T. Management (U.K.) LbL

-09 -

-

u4SLWKeotSL,C3asgow 041-24863Z1 AUen Haney & Russ Inv. MgL (tlj

BetxasJB m*i -

ScoUteh Widows’ Group

PO Bn 902 Efataadi EH16 SOJ (S1-6S 6000

Etajbrftrt- D^6

as 3ta__

Pwu Ira. ftrtd 1114.7

Index Stk-FO -f£J

Prm, Eothy^jt Or5TDll2

pens. Proa fd OtLMU

Sth. ML laste. PLC

HaMHia HHA Southend SSLZIS 07026Z955

. . . . In*.

UK

whshi iim. .

.9

ABotte Intamatmnal Dalbr Beserwc

OteriMtat Jum 23 (000030 03-4%)
AriwHjnnt Secnritfat (C4J Ltd, WteXA)
PA Bax 4M, Sl Hetar, Jrtrey. 05347*077

035

London Agents lor.

Anchor GmEtfee

Archer 1st Fd —

Barry Pac Fi

STlSffc

696100

5Mfr-aa

G.T. Asia Starting. _
G.T. Aictrafia Fa —
GT, Beta Fund-
G.T. Dollar Fd-. ..
OT.DIr.tStrlgJRL.

G.T. lnwrt. Fd 1

G.T. Jqsn Smri Cus.1
G-T-TectmotomFC-
G.T.PacHfctt.™-
OT.AsrauGretairt!.

S6Z7 "644

13.77^^416

HKS17.70'

HEr

wn«

^513.98
SM.45
002 6
SM7

B.?hg-VBt TAM
2.CS
104

-059

-a®

rWGl

HUM

132

186

LBS

349

1L77

L39

$

L06

L57

Urad A teMttf Prop. H. fagra. Ud g§

"i Z Sfa^«a»teSu054N4rP. 0M4896TO

j - L&G-tay L . ^ - j^ - kSSSsss:

Etc. Itak Inc Jdy

Sharafin Ufa A mw a ti Co. UtL
lblrloo Fleet Sb,Landaa E0420y DX-3S386U
Managed Acc,.

InterodionM Acc

Pens. Managed acc.

j rihreTtaitt gpa Gun wei i it
Basts Rates ptaase none mass SU

— Starting I

— OeatagooWntedw.

_ B.LA. Burnt Imnabunte AG

— 34 O a w gi rM M CMaoi. Zua Sxwtaertand

— Bea*wStt.Mwl9_na3S5 UL909 4 -

_ Bank of America Infarn atww d SJL

— 35 Bouterart Rnyei, Luxanten OIL

— Barclays Unicorn Inter luJiu&l

LCtorioi Cross, SLHritar,Janay. 0534737*

Do. Grtr. Padl

Gwttnore Invest. Ud. Ufa. Agfa.

ZSL Mary Axe, Low**!. ECS. 01-2833S31

Gartnnm Fend Mraeguj (CJ.) LbL U) ft)

N. American To.

Inti. Botaftmd.

(a)

TeL 0624 23911

MffllzdW

PA Bar 32 Doagbs, hferri Mm

Asskuraeionl GENERALI S 4 UL
PA Bw 132, Sl Peter Port, Gttenaey, C.I.

B3?^.^e5SJa:=l =

rmn7

35.01

33125

01-2483099

028

Charterhouse Japhct

1 Paternostar Row. EC4

» bM

Prices at June XTkoi sail <by July

C hu rtaitwiu faphut C ur r en cy WwgL LbL

Cmimri tor, Sl Heifer, Jeney. 053474689

Central Aaset* C unwi Fends Lta

USS-

CfaMtan Commodities [Me of Mm) Ltd.
29, Athol Strata. Otaugfes, IjlM. 062421774
Nenranty Metal Trwl -I£L248613144S riUTMl 4 00
Nomondy Gran. Tst_.|£13447 m5ji|-Ma|. 4 CO
Canto. Currency & Grt.|)x0646 l iTfm-ngrw LOO

ConthlD Ins.- (Guernsey) LbL
PA Bax 157, Sl Peter Part, Guernsey
IntnL Man. Fd 12178 23601 —4 —

Cortera Intematittnai

10a, Boufeyord Royal, Luxextoong.

Cratwatanl IS74A0 - I-015J -

CraJ g n r utant Fixed Int Mngn. (Jersey)

PA Bax 195. SL HeHer, Jersey. • 053427561

““toAifafaS** 1 "

DWS Daufaebe Ges. F. Wertpaptersp
GruMtaurgneg 103, 6000 Frankfurt
Invessn HUM 32AOHOMI -

Delta Group

PA Bax 3012, Iterani, Bahamas

Delta ban. July 13 12.70 184} .._4 -.

London Agents: KWmrtrt Beoan. Td: 01-623 8000

Dortscher Invesbmnt-Trast. _

Poafadt 2685 Keber g r ax 6-10 6000 FronMuit

ConcoXra OU&S6 16.97WW0 -

ta. Arouilonb SBSf MM ..~J —

Dmel Burnham Lambert

77, London Wall, London, EC2- 010283800
Wlncheser DhrenHM LnL NAV Jm 30JK24.90
Winchester Dre rot ro Lid. NAVJune3aUS$U-ll.
Winc h ester OS. Reserves Ltd. Current ytad 13A

Dreyfus Intercmtinenbl Inv. Fd.

PA Bex N3712, Itossati Bahams.

NAVJWW29 K665 3BJSI — J 640

Dmod Un fa Htr. MgL Ltd.

Victory toe, Sl Pater Port, Guernsey. 0481 2B094

^KSssrzzKi an=d * n

Erased fa Itadley TsL MgL Jrey. UtL

PA Btw 73, Sl HeTwr. Jersey. -053473933
EA.I.CX 11040 11431 — J -

The Engfisii As soc iat i on
4 Fore Street ECO
E.A. tecrane ftL" — t
E. A. Sorting* IOTjM

WfadS ^ ft i^-gA gg .. _1M. C

•Next deritag Juh ZL tatext dedk

Erndfagn Man a gement LbL

GreiwWe toe, Sl Heller, Jersey, Cl, 0534 76007.

3?K£iL— ESS 6 = l:d =

Eurobond HoitSngs M.V.

Ple c wnaaJ IS. WUIemstaiL Cwacao.

ErrroHMgs KaO^J ZL60) ..._J 9.50

SA. Ettope Obfigatfara SJL

Europe-ObOgations^.1 S42J0 | .—4 139

t Sirrilng ...

Svus Franc. —

U S. S B)21

Mxivta Fund-.- — IMA
Sara® Berta Srit-jrfiwd

H. S. OtfWKfd.. SZL53

EkUmtad I CSF Firtdl JIMS
Far East ,faF625

Technoiosy irrF Fd5.RI051

HX Fund Managers (Jersey) Ltd.

Orons Hse. Dan Rtf, St HrUer, Cl. 055471460
HKGdl ftunlUd I97U UOfl — 4 13.00

I. C. Ttvst Managers Ltd.

1P.5L Grw« Sr, Douglas, loM 062425015
ta.Csmmodiriro7v.tQ69 1D3.DI — ,| —

New draSng day Jum 7.

IGF Management Services Int,
e o Rngraror, PA Bex 1044, Carewi Is, BW1.
IninnL Gold Fund... B45S1 40101 — i ~

N.V. Ir.tarbehecr

P.O. Bex 525v OeW, Holland
EMneramwOfferPceil DFL6750 1-031] 2.96

Intrmatiaaa! Band Trust
Z Bmitoxanf RGyaf, Lnxnnbourg
ClnsvANAVJUtyW.I SOU I-OWJ —
Ora B NAV July 14J $1009 HUfl —

International Pacific Inv. Mgmt. Ud.
PO. Bar R237, 56, PHt SL, Sydney, AusL
Jaxefan ExyUtyTst.. ..[ASJ.13 U9M — 1 020

Investment Advisers, Inc.

Fir* iiuonvtffexed ptaza. H ran ton Texm.
nnomlclratta. Fd.^.1 — L53S j., - -
UK Agrras: Jsmrs FM3p Tri: 041^04 J3ZI re
Sterabng 'Thoms Clarke Tel: 01-247 9*61.

Invicta Investment Ma na gement
1 Cfonng Cw\ Sl HHIer, Jersey. 0534 737*1.
Gilt Groirth Fred ... Ja].46 1196)4013 3M

Gill Income Fund |i&9 9Jfl+Oia 128)

Jstfce Fleming & Co. Ltd.
dfaih Floor, ConnawM Centfa, tong

j.F.J.nanTa [

Do. (Acacn.)

J. F. Japan Smaff CO. L
J.F. Japan TTOrtdagy .1

Jj. Extern Tst I

Oa (Acani

J. F. Pac. Ski One.)

Do. lAccum.1

J.F. imra.TsL.

Do (Aixum.)

*Pnbn on July 7 . Next dniinj Mr 21.
iPriws on July 1A Ned doaUro JJy 30.
«0atly testings. —Jofr 15. iiOtatags ewy
VMmby-

Save & Prosper International

Dnrihtn to

P.O. Box 73, Sl- toller, Jcrsry 053473933

Ftcad Interact Freds

DerenJreurl. Bd.— t.]DM950 iniW-nW $0
DTP. Fxd. I«.“t .Z.t57.34 7*3*013 10 M

«Jb?£=Jb fia-3sa

MSBlLd..

I Mental. Gr.*t 1

F*rE*ileni*t_.. . — f

North American** [

Srpro** — l

CwraiMWy Fun*

ConrttaS ty— < m2.

Gold Fired—— |SOb3

SLOwoS^** H580 1583 ..... 4 016

■Juhf 12 — jliy 14. — Aiy O
—Jury 8 iwrridy dnBngal. DTOy deettaB.

Schroder MctgL Services (Jersey) Ltd.

PA Bw 190 SL toiler, Jersey. 0S34Z7561

Sterling Mmy Fd ._|Q2i027 12JA29L I —

Not Btoscnpnoh day July 2L

4. Henry Schroder Wagg & Co. Ltd.

120 ChramWe. EC2 01-5884000.

Ml In. T«L June 30B1744 — I I 230

Altai F«L July 5 -.z&irl 2S6M ..,.] 2£

H ” 5

TratafarFOJlia»30..l $19332 I — - I —

Schroder Unit Trust Mura. InL Ltd.

Box273St.flMertort.Guermry. 048128740

iShss==fi u #::: **

$ Equity. D23 76fl | LZ3

Ufa Araamca M. UA

.HXftniB —

J.F.S.EJL

Ito. (Accra) ._,

J.F. PM.

JJF. Cur.fiEd.Fd.( lacjfill.M

Do. (Accent) ^

Jaaui 6 Rjoiit tola ^04 1

Kbng

Mngd. Curacy Life Fd|50H7
£ ftrod Int Ute Fd™JSa.

0.70

L80

LOO

050

UO

550
ZJ 105

5.40

AudraluTir.

umoI

Leopold Joseph & Sons (Guernsey)

Hlral CL, Si Peter Port, Guernsey. 04S1-2664&

LJ. Sterfiog Fred IEL5J6 15JJ1 1 —

L J & 5 Currency Ffcod . . .

Tefeptaw Ntaager ter Utstt prices.

Klefawart Benson Group

20, FTOchurch St, EC3. 01-6238000

IB. Eurobond Fd _

KB. Far EasICosy.),

K.B. Gill Fund

KB. Ira. Bd. Fd. Inc_
itB. Int. Ed. Fd. Ace.;
he. IntL Fund—

ICB-JapanFnTO ,

HLB, Sterl. Asset Fit .(OAM_ 14M

188.7 97.41

1266 139 Ji
ao.90 lrn
0037 MJfl

. S8028
SUS.05
D421

K.B. UAGtah.Fd._l
Slgm Bexntaa_
transttantic Fd_

S1969

$5.95

$43.19

Lai Bros. InL Asset.

158.09

861a

i:TTf^LTtTrr\;

—

u-^1

_

—

warn

10991

..—■I

Korea International Trust
Fund Man.: Korea Invest. Trust Co LbL
do Vickers da Costa LttL W"9 WIBtan, Straw.
London. EC4. 01-6232494

NAV deal 6736.76. I OP value US99064A

The Korea Trust

' Daehan investment Trust CoXbL
1-518, YotaMtoa^ YnngdliiiBPO-Ku, Serai, Korea
NAV July 10 (won 10511) (USS14J.7)

Lmd Brothers A Co. (Jersey) LbL

P.O. Bos 108, Sl Heller, Jersey, CJ. 0S3437361

- jjjjj

US

5.8
14J»
U.7D
U»

Lloyds Bank (ILL) U/T Mgn.

PA Box 195, SL HriBer, Jersey. 053427561

Uw * Ta ‘°iSrt7rffrtii.. •-•* 1C

LfcytfcTraa Qk- ^pj 6 ^MKOITI BJM

Lloyds Bank International, G e ne v a

PA Box 438, 1211 Geneve 11 (Statzeriaarfl

K3£!£SSSzeSaPra!::::j iS

LSoyds Bank I nt ernational, Guernsey
PA Bax 136. Guernsey, Charnel I s l an d s.

Alexander Fund _ — i S1L<7 I J —

Net asset rte Jar 20

Lmds Dreyfus Com modi t y Fund

do Trustee, PA Box 1092 Cflyrmn Idravb.

July 9. Valuation per unit 3%508L14

M & G Group

Three Quays, Tower Hill EC3R68Q.

AUaraicEx. JidylL.,

t Etahy life Fd._.ZflD52
$ Fixed Ira Ufe Fd.-.U«J
S Eraihy Life Fd__A..|7l.9
prices on My 14.

Scrimpeaur Kemp-Ger Mngmt, Jersey

L Charing Cross Sl HeAer. Jersey. 05347374L

M335-

Sentry Aasmnce International Ltd.

P.O Boa 1776, HanSHon & Bermuda.

Managed Fired ($3.9X22 4J364< — t -

Signal Ufa Assurance Co. LbL
Ocean HritfiU. ftracraraar, Gterahar. Tetex2332
Growth 5ttafgfesFd_|{284 289J . — ( —

Stnger & Friedbnder Ldn. Agents.

2Q, Cameo SL, EC4. 01-2489646

9Sg?ifcaf IS

Strategic Metal Trust Mngrs. LbL

3 HBI StrecL Dnuelai, I0M 063423914

Strategic MetriTr. -JSO920 9031 .-..4 —

G b u n gliold Management limited

P.O Box 515. Sl Heifer, Jersey. 0534-71460

Commodity Trust. — 113230 139261 — -1 —

Surtnvest (Jersey) Ltd.

4, H1N SL, Douglas, We of Man 062423914

Copper Trust (£1217 12B1I ....4 —

TS8 Trust Fundi (C.I.)

10 Wharf SL.SL Heifer, Jersey (Cl). 053473494
TSBGIHFusdUtL^.PU) 9»Ad .._.J 1340

TSBGDtftLUsyJUd. 9L0 — J 13.40

T5B Jersey Fund B7.1 60Jfl J 540

TS8Gneraceyftindrtl57-W- 60H4-.....1 5-10

Prices eo JUy 14. Next uto. tfly -taly 2L

Tokyo Pacific Holdings N.V.

tiKbnta Manegemera Co. N.V, Curarao.

NAV per shrae July 12 S722&

Tokyo Pacific IfUgL (Seaboard) N.V.

IntHTOi Waraownent Co. N.V, Curacan,

NAV per stare July 12 S5274.

TyndMI Group

2NewSL, St tutor, Jeney. 05343733 V3

TOFSLJulyO.

inTW 1239

,!S2025 ZL55 _...
15Bi

178J —

252

L06

.(Acctxn. dared,

American July 8 149.0

Olccum. stares) 168D

Fm Eastern Jidy 8 1324 1420] —

(Acoxr stares! 142i 151_a .._.

Jenny Fd. Jute 14 _ 123 M 13lJ +L< 247

(Hon-J.Acc. UtL) — 2SOB 2»« +22 —

GRt Fd. Jidy 14 103.4 105* +1.4 11.44

(Accum. Stares) BIOS ZL9fl +13

(Accum. Stares) 1412

IraenatkMta Equity- 2422
0o.S 4135

L94

Pacific Equity 64.8

Dn.S 1105

North Amer. Equity-.

Do-S-

UK Equity 191 J

Do. 4- 3260

I rtf-mad. Flirt InL .. H75.8
D 0 .S-. — 4710

Austratian cr. Jdy 7 .|29B

Gold Ex. July 14 „r

(Accum. UnKs)

Island—.

(Acoan Urats) 1277.7

Ntaraaqement International Ltd.

Bfc.Of Bermuda BUg- Cfernwto. 8Q9295AOOO

H&W&i M^ljdab

Pncrs m Aay 9. Next deatag Jdy 16.

Manufactures Hanover Asset Mgt

PO Box 92,51 Peter Pun, Guernsey 048123961

GeciirtdUqAttlnc-i SUKU^J I — \ ”K
Geohifd LK) Ass Acc! I $10938 (..■■.41192

Midland Bank TsL Carp. (Jersey) Ltd.

28-34, Hill SL, St Hriier, Jersey. 053436281

sk earfirRU'

MEnorak, Oils Res. Shrs. Fd. Inc.

PO Bax 194. SI- tolfer. Jersey. 053427441

MORES July 1 ISOM 903 1 LB

Samuel Montagu Ldn. Agents

U4 <W Broad SL.EC2 (04686464

.psajs

Do. S L 615

UKPropwty 195-0

Do. $.7 133«

IraematL Mrauped_ 2Z7.4

Dp. S 3.880

UK MwagTO— 1866

DoS UBS

ISg

146J +LH -
255(1 .Zj
4355
684
1J65
586

LOM -^..J
20 U ...J
1435 .....

290.4 ......

4 960 „

2011 J

3495

Apollo Fd.Jufe 7 5F5fe00

£taestJsne30 (#32015 ,

U7 Group July L — &L« l
117 Sdo. Ife Jute 13. 0219 1

117 Jersey Fd July 7 Jmj9

Murray, Johnstone (Inv. Adviser)

163, Hra* St, Gtesywr, C2. 041-2Z155Z1

tone SL June 30 -...I S4468

Murray FcL June 30_

Pacific Fund Jw»3a|

Nat. Westmh sster Jersey Fd. Mgrs. Ltd.
23)25 Gmada.SL Metier, Jersey. 053470041
High I raren# Fund —

EquhyFtred

hnerrat tonal Bond* ..153.4 . .

*5*. day every Thn.

Negit SJL

Ida Boulevard Royd, Uoremboorg

NAV July 5 139 20 - 1 .—■ ! -

ILEX. International Ltd.

P.O. Boi 129, 5L p«er Fart. Cwrosey, CJ.

USSuSfcii

Sterlmg KraugMl — tel 6.

IraL Fixed Imeresi.^fTL?

Intel. Managed |6L1

Northgate Umt Tit SAngrs. (Jersey)

P.O. Bo* B2, SL Hriier, Jersey. 0534 737 4L

PaeffltWJray7 — S9.17 9.771 i -

Pacific Basin Fund
Mb Bouterart Royal, Luxeirtwny-

NAV— I KL5A7 1+0071 —

Ini Aar-- M. & O Inv. fctei, Ltd, London.

Phoenix International
PO Bat 77, Sl Peter Pm, Gum. 048126741

Inter-Orilar Futa — 1299 3, r '

Far East FuTO„_ ..^ 225 2

IntL Currency Ftiral-. SL99 L
IWIar F«L ire. Fund.feflO 3J

Sier.EiwmtG«Fd.pO U

F e o v i dene e Capitol Internadfmul Ltd.

PO Bw 123, St Brier Peri, Guernsey 0481 2b7dU9
UK SteckrmriM . — £0.911 0.9801

Ini. Swiuiurim. SOOJl 08

Wrorirf Technology. „ B*9 BJ
N Am. SiocknuHwt- HL847 09

FjtEjci SO MO 09

UK Ffenf Interest ..w mtm 111

InL Fixed Ira. S.925 04

yg£=*

Prices ou Jriy M.

NL G. TyrreU & Co- (Jersey) Ltd.

PA Bax 42Cv SL He! ter, Jersey, C l.

Onac 1 - SlOW J —

Dnkm-I nvtitn w nt-Gesfa lscftoft mbH

PipHnch 16767, D 6000 F ra n kfort 16.

Uri^ZZZzE^SS —

V.CJL Fkttnrial Man agement UtL
«Z Essex Street London WC2 01-3536845

PanArner.OfFd IS4.48 — I ...J —

Vanbrugh Fund Mng mt. IntL Ltd.
ZftSAHUI Sl Si HeHer, Jersey. 053436281

vanbrusfl Crneqcy ftt.pia.9 lllll — j an

S. G. VKarburq ft Co. lid.
3aGretfamfamLEC2 01-6004SS5

Enem M. Juto 13-1 S7T.1D NU7I - .

MeriEnnjM Juty 7 ..Kl 2.57 UW 614

Merc. Mqy. July l£ „fe,O05 Kt.OT] .] -

Select RllJme 15-^138 1L79] j _

Warburg Invest Mngt Jrsy. Ltd.

7 Library Place, Sl Hriier, Jsy. Cl 05343737

aGOBMS 3 * *****

Mere Tran July a.

WardJey Investment Swvtees Ufa,

4th Ftar, Hrichbrat Horn. Hero Kong

sad ss

vsa

L»

“ Vtadhy NUn Al I

Wfafle y Bond Trast..B9jn 95« ....J
vrartfeyJfeur Trust- 114 60 15J^

World Wtate Growth M anag ema ntO
10a, B outerart Royal, Luxembourg
WMdtade Gth F(fl £1039 J«US —
bw. Adu IL & G. TnuL ItogL. UtL Loadn.

Wren Commodity M an agement Ltd,
MSbGcravrt&^Oraratelair 06242505

' 660

930

...J 226

Ptectous Metal Fund. 1487

VmoaradCrtdf. Fd... CL 4

FlrandriFuhmftL . U05

Wren Ini. FraL* 50635

NOTES

Prices are In pence trttevi ethenrite Infested raid
those decipraMS 5 tatii no prefix refer to UJL
donm. Vlekh^ % Ishown to last cdumi riton ftxr all
buying «mensas. a Offered pricn Indudr alt
eronses. b Today's prices, c Yield bated on offer
price, ri Estenued. q Today's epenrag price,
h {attribution fm of UK (am. p P en o dfe
prerrium taurance pta*. • smote premium
insurance, a Offered prfcs Includes an expense s
mrawtapta'soanxntatai.y ORertd pnoe kcludn
ril names H tougHdraghimgsriZ Prarious

feuraj = ssr jt, dsssat

» Oify areH Me to daritdfa hafts.

9

38

Financial Times Thursday . July' 15 ? 1 ? 82 ' -

-vG®

1982

Wgk Lev

BRITISH FUNDS

Sack

Prta

£

+ or YkH
- u .1 Re

“Shorts” (Lives up to Five Years)

Each. 9%|ie 1982

®? 4 pci9a3

I pc MBS ,

rll* 19S38J

^pcS3. M ..

Ope 1983

5&cTOMtt
— ..J^pclSMT'
Eicfeeooefl4pc.l98

'Each. 3pc 1984

(Treasury 12x1584..
(TreasreylSpe 2985..
|xdj.l2peCnv.'E5,
Treasury 3scK8S_ (
[Treasmy Ultras J

&Cfc. 2 a«pCl 98 SZj

E*di.ll%pc'8&...
|Jrgasury 3pcl < t86

■ M- raSfc,.-

ttreas [CSixflJ

’Exdi. lflpc 1986™_/
Excti. 13%pc 1937...

. -Fwxlipg 6>29 c ’35-87#
64% (Treasury 3pc 1987 _

+i|

-%

+%

m

Five to Fifteen Years

[Treas. !2pe 1987.

(Treasury Tm* TSOUtt .

ITraiBport 5pc *78-88
(Treaiurv lll^JC 1989...

(Treasury 5pc ’86-39.. ,

(Treaar* 13pc 1990# J
Exch. 12%pc 1990_

Treasury BW87J93S.

[Treasury U^*pc 1°92_

rassJB?^

56%

Treasury

Exdi. I2l*x 92 ,

Exdwjuer 13%pc '92. J
Treasury 12%nc 1 93tt»
Fundmq bpc 1993iJ . [
Treasury l&pc 1993J
[treasure 14%nc "94tt. .
E«*eauwl3irpcl9W

[Exch. lZ%pc ¥?94 |

Treasury *%k "Wit—
Treasury 12 jjc *95_.

Gas 3pc -90/95

Each. lOWc 1995...
Treasury 12 w’9Stt_

Treas. lflpc "9b

Treasurv9nc -92/%it.

Treasure lSinc'iteS*..
Exdwwwl3 , 4ic , 9Mi.
Wareu wo 3|arl98b-%
i Treasure 1 %k ’ 97±t..
Exdmjuer 10&c 1 997

’SSI

Over Fifteen Years

I- 1 *

+%

12341 mi

920

424
1234
7.12
1337
1327
1027

1301

939

12.78
3330
12.17
1327
13 Ml
3330

938
1339
1323
23.71
1339

11.78
1323
*30
1237
1333
13.69
11.9*

13.90
133*

6.61
1333

-.12*3

33

30%

34%

2 «

1001 ,

974.'

106

10H;

104

ftlSsrSffiS!*;

Sfiji Treasure WrfC95J«ftt.
99 ij ireas. 15%pc '*»$$..
78% Exch. 12cc 1998H.
6 b Treasury 4i«iw»±t.
814. Excti. 12Uk 1999
71% Treasury 10%pc 1999—
824, Treas.ll

89 Treas. 14 k , se-C 1_.|
76% Exch. 12fec '99-02 _ |
85', Treat. 13iipc 2030-03 J
78% Treasury ll%pc '01-04
334 , Fumfing 3%pt '99-04
81% Treasury 12^-0305
59’, Treasure 8pc'02-Cp*i.
75% Treasury ]1 %k03-G7.

90 Treas 13%pc '044J3.
*35 *8-1

55% (Treasure Tlanli-L . . ,
81% |Exdi. 12pc 13-'17 ._ |

Undated

27% Consols 4oc I

26% War Lam 3i?prtt ...|
31% Com.3%pc'Sl«ft. J
21 Treasury 3pc 66 Aft
174, Consols 2<aic.

17% Treasury 2%jx

1L93

22.79

1374

13.60

10.98

1234

1300

1197

1306

1320

+%

1222

32 76

1313

1374

-%

1261

13 OU

1317

1319

13 SB

13.42

1?99

1109

-%

9!

1351

1206

9,66

2154

1296

12.96

1193

1228

1203

1208

KSi

1303

3166

3195

1709

1251

1251

Index-Linked & Variable Rate

■SJf

99%

95

93

#■

Treas. Variable *83...

Do 2pc i.L *88

Do.Zpcl.L-%

Do.2acl.L-0b

|Do.2%pc I.L 2011...

MO

93%

9b

1253

1234

10.61

12.95

Z23ll

2222

1225

2JJ6

232

237

2b5

1236

225

3.05

288

288

1004,

99 %

ffisl

1014, 1
99

941 ;

97&

99!.

91%

100 %

ar

ft

sp

v

69

ft

INT. BANK AND O’SEAS
GOVT. STERLING ISSUES

92%

93 %

90%

97

%

Do. 13%pc Ln 1S8U
0o.lJpcLnl987_T

Mex IbtfK 2008

Sweden 13%pc 1986

1001 ]

1443

a

-%

504

1304

200

14.WI

%

18 J 6

98%nl

1307

CORPORATION LOANS

85

S ’ 4

87

81%

94 %

94%

94%

61%

85

87 %

SI

824,

78%

644,

56

1 «%

90%

Canutf line 1<
IGJLC.lEtac'
Do. 13%pc 198

Bath 11 %k 1985 .....
l&nnTnm 12%pc 1985.
Brenley 13pcW37-

Carttiff llpc 1966 ..

■83™.

_ .984.

Glasgow 9%pt TO82...
hurts b-Uoc 1985-87.
Lews 13%oc 2U0b
Liverpool 9%pc 8084.

D 3%sc Irrert

Lon.CorD. 13 %dc*83
Dp .*%bc -84-85—

LCC'U.ct'SJ-W

Do5%pc , 8M7 —

Do -88-00

Do juc 70 Alt

SubswU-mJ I2%si 19E4

W%

97%

98M

91%

MO%

100

99

7B%M

99%M

94 ij

2 Sd

180%

90%

87%

76

69

21%

98

-%

1194

1200

1326

.1.L97

1248

13, 2S

9j4

+%

ILJ

+%

14.071

m.

JE

+%

9^

-%

ZjE

6.28

-1

722

*U

974

-%

14 2b

1250

1438

12 %

1331

14.00

1935

13.87

13.62

1339

1355

1353

COMMONWEALTH AND
AFRICAN LOANS

9 T,

67

66

161

68
41

372

85%

57
,74%
1136

58

. 32

[318

!»XT& 1 BSSJ 12 ..

Do. 7ijoc «*•% _.
;S. Shod J-.-cr hwi-Ass.
0 o 3Jjo*.l«WI5flvja.
He. 4%pc tT?-*? fr.MC.
imnanre Amdioopaj

927 ,
65 um
85 >,01
158
68
9PM
360

*%

651

+%

*%

im

880

....

524

3125

1239
1315

1240
3259
14.06

1317

32%

3302

1264

32.12

13.12

1318

ia as
13.74
1236

1700

1760

LOANS

Public Board and

Ind.

66 57% (Attic Ml. «wc 65

30% 24% Ir.Vi »tr 5pt‘e ..._ 30% 1

114 103 JU.S.M.C.9ia 19B2... TObSl

101% 94 | Do. wrthwn WiamtsJ IQOtdj

' | 770

.. .Il 0

, 32 74
1920 1275

3« —

9.031 —

FT SHARE INFORMATION SERVICE

FOOD, G ROCE Rl ES— Cont/

MB i'r
n* \m\'

Stack

We* \ -

LOANS — Continued

MB2

|+» TIN
I - tot | b±

M82

Hob Ur

BANKS & H.P. — ConL

SU I Wee M IK | Pw |

CHEMICALS, PLASTICS— ConL

m 2 I 1 1 + aH m.

Mr | - | M

100 %

100

89

92

93

ff

74

70%

101
101 %
Ml ,
Ml%

US

iWa! "

100 %

95%

94

80

19

78

82

54

53

62

S 1 &

99

-99%

99%

.99%

FFIlte®.
UKM5W

ar 1

RE

TM

Do. IS^k UaULl "8M
Do. Use U&Iil W
Do. il%c Uasln. %

Da. 12%x Un. lx 19^

Do. 740CAD*. '89-92
Oft 74tfCAOeL 9HI
Do.9pc‘A”91-94._

Do. 8%ptLn. *92-97

Building Societies
|NBr«nde»%pclUU2. MOM
Dd.l«uic25A82. m
Do.l5%pc29.9a2. 300%

Da.U%pc27KX82_
00 - 159 ^x 243152 -
Do.l5%jxl3J2R2- 10G%
Do. 16%pc 17183. UUM
Da 15%pc 7.2Xt3_ UHM
Da 14%pc 143.83. 100 %

Do. 14 %oc4.4lS3 — 100%

Da 14%pc 25.453 ~ - 100%
Do. 13%pc 25AH3._ 1UPu

33l89I

550

7J2I

1135

12.43

1128

13.94

HJ 3

1171

Ims

1327 1

K

M

HH

m

m

L'i.-i

bb

Ht:

Bp

14 i

m

Up

pp

XF-

■

FOREIGN BONDS & RAILS

1982

Kgb

16

13

12

UP?

44

42

38

35

102 %

67

95%

99%

75%

250

77

lO.

*79 _
DM904

L|

Stock

11

9

7

7

42

40

35

30

S-

80

87%.

■B

ba

J?

£un|

For Antofagasta see “ Recent Issues.'

+1

Muna ’2*4

|SR*f 6 %K-a 388
IDo. 1 V«cLb. 2016_
ireUmJ Sic '31-83.
|Da9%pc’91-%_
span 4pc T0 Ass
|Dn6pc '83-88 ■
Peru Ass. 2007 ■

(Turin 9pc 1991 — |
[Turin61jpcl98fl.il

+%

828

758

5.26

1857

15.19

M®B

15.95

1451

14.77

3356
1752
U.%
11206
ia in

U5 BmnSUpIn
m Cater Allen £

70 Ckartettasel
M Cfl*e D«'i«2
»0 Con-zbkDMH

f7o CTmBMtioaool
4 DbksJg.M|

40 EaafeEa*®*
« Dunbar Grp. £L
30% FltstJtetlC

1% D9.WWs.3B
38 GemrdNatitf-
25 GfllenBws.£L
30 . Goode Oft Mry5p
58 Grlncflays

43 Guinness Peat-
105 Hafflbn»5ffiM
42 Hill SamudB
% HonsShnajaMI
S® Jessd Toynbee.

m Joseph {LrejnJ
78 IGng&5hBx2Dpjj
D6 KlebMortBJL-
172 Ltoyitn I

41 Mansninn.2Dpl
B7% Mercury Secs— 1

04 MWanOtlJ

M Da7%%8jfl
69 DaliS%%«j
65 Assets..

40 NaLBkAustSAli
88 Ha.WKta.J

44 OHeon Baak£2D |

5 k.-s

79% SemunbeMCFll
15% Sec. Paofic Cora j
27 Sm»iSLAiib_k
90 SWiI Chart aJ
21 Trade 0«. 5150,
POO Unionise £1._
Bl% Welb Fargo $5.
|j5% Wesa«y|flr.-Rai
HI WmbiutZOpH

£50

-50(9015* — 12X

mM — 6 J —
475 5J 18155

-3

15.75

8.75

- mi

R-] Stock
. HoeeW DM5- !

imp. CUmi-ElT
k Da5%W.£3.|

; l m. Paint —

: Unrte lnds.5M
Lmbims5p-^i
HtoleylR«Mp|
j£95% NgnWt.Afi'B’

Plysul*

Rnson win. U)|i
RemoMlSj— .
Satt.Ag.hio.aJ
Stewrt PtaateJ

[Yorks Cberes.

•ENGINEERING— Continued

%'l ' M S WSI

255

||n

QQJX| 12

893

QW% —

296

190 10

38

:i

15 fl

207

50 37

M4

-r

70 IS

80

_

163 OJ

18

tUJ 15

£3J7

m5« 6-

136

-r

923 43

240

508 20

377

'

205 20

382

14.75 23

148

|ML94 51

10%

0.9 U

125

- .

625 25

42

I(vtv ,

05 —

&1
Hj

34] (M

DRAPERY AND STORES

o«m - 1 8 S -

-3 h24.67| 32 . .

M5L4C - 5.6 -

-5 260 — 85 —

|-£ 05192 - 9.0 -

355 -31 —

SI

AMERICANS

r m

IL

S

Uhner. Express $060

Kw.H 0 taHN.Sl.
IAoer.Nat.Res.SlJ
[American T.&T. Co.

Bank Anertca Gam.

Bankers N.Y.S30
[Berate Com. 55 _
Beth Steel SB

Brown’g Fer. cifA.
IBnmnrickConmjj.
C.PjC. S% -

CaterpiNarfl.

Chase MftttoSUS
JCheseEMNighSl—

(Chrysler 56%

Citicorp S4

City Inv. J12S_

Do.Cm.Prf.B51

CrfgaU^F.Sl—
Colt Inds.Sl —
Cons. Foods S2%.
Ccmt Ifllnoh-SlO.
Crown Zefl. 55 —

Dmnn Oil US50.4

Dana Corp. SI ...
Eaton Cm. 5050.

EsmarfcSL

Exxon fl

Fin. Corp. America
First CWcagoS5_

Fluor Corp. 5% I

Ford Motor 52. __

GATXS%

Gen. Elect. 52%_l
Gillette 52
GtdfOilB-

8Up

52 —
U. I Mentation
lm.TeL&TeL„

KatserA/.Sl]

Lone Star Inds —
UBNnlaadS0J5-
Lotres US5050 _
* 3111 . 080 . 055750 .
Merrill Lyra* 51. 1
, . (JPJUSS25}

total SmonktSl-J
Quaker Oats USJ5.J
RBp.N.Y.Com.557
Rexnon»S5_™
toriwell intl.Sl..
Saul(B.F.)Sl— |

Shell Oil 51 |

Simplicity Patt .

na c z^ ai

. TRW Inc. 51%. I

33% TemecoS5

89 On UMaSk4M5|
TBaePUJSSOJb!].

Texaco 56^5 — ,
Time Inc. 51 1

TransamencaJ

UmonCarhitfel
'Utd.Tech.5US
. U.S. Steel 11-
82Sp iWoohrorits 53%

11 % uMapiiMPonmruBta> 2 .

11% [BlOp (Zapata Com. 2S.

+%

- 1 *

if

+1

+%

5205
5332
51601
5100
5100
I s? TO
52.70
153.40
5172

S 2 J 2

5170

5200

5120

5100

JZ-1Z

52.00

$250

SUO
5172
5184
$3.00
■66c I
$120
■80c I

+I|

-% ( S 210 1 —

&

IflOcI

53.00

S 100

SL40

53.40

52.40
5200
5180
■72c

Hire Purchase, etc.

isrjrssi

LnLScot-FhOQg

HoergdeMerLlS
Pro*. Financial.

Sturia Hldgs.lOp
Wagon Finance

BEERS, WINES AND SPIRITS

(AKtetM-yons— .1 99 [......I 55

jtoai. DsLPrJOp.

25%

10

10

50

04

gOlSX

-1

98

38

1233

24

80

18

......

10

* ]

8 2

125

+3

75

16

80

9

mat

— 1

4.4

42

231

O0|

7.9

Bonier
Brown (Matthew)!
BucMeyftBrew-4
ButarerfH.P.lT

Burtommod

dark.

jGonlon (L)Sp J
GreetNf WhltJey

Greene King

Guinness -

HiqWd DfeL 20p .|

Invergordon

Irish DisliRerS-
Macallan, Glen.
Ilastn ltoqm_

Moriand

Scott & New 20p.
Tomatki
Vaux

+26

19

39

7.9

17

Si

26

62

75

40

40

72

191

to -2

_

SJ

30

21

7,9

8.1

20

50

101

21

60

82

t.

4.1

1.7

177

71

7?

67

25

80

50

32

50

82

*

21

*

77

82

82

23

30

45

30

:

3,7

5.9

6.3

2 J

7.1

(37)

Is

35

29

^.9

4 16

i04

7.7

29

To

65

24

62

SO

51

30

326

3.0

30

7.9

30

a

BUILDING INDUSTRY,
TIMBER AND ROADS

i

. 12 %

12 %

%
826o
822b
700p
13%
10 %
11 %
7620
900d
15 lp
18
U%

3P%

14%

U%

774p

897p

770p

478p

?£

Si

581p

49So

328p

M/D

4l0p

483p

U25P

CANADIAN

IBk.MontrealS2._l
Bk.NnaScot.51
Bdl Canada S 8 kj.
BowValleyO.
Brasean# —

Can.tmp-Bfc.S2~
Can. Pacific S5_ .
DaflpcDeb.OOO
Coil P Em 8 1

MC «.«. —

Hawker Sd. Canj| J

Hollinger55 J

Hudson's Bay d_.

Inpenal OiNI J

Incntl .

'%

822p

25ij mi
994p Tor

Ini Hat. Gas 51 _ |
,MBwyFerg.||._

RwAlgom I

Roval Bk. Can. 51 ]

Seagram Co. CS1 .
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5-215151

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INTERNATIONAL LTD.

Rcnah House (3rd Floor) Wood Street
London EC2Y 5BP United Kingdom
Telephone: 01-628^2931 •• .

Telex: 5TBS12979 (SYSECG)

m

MINES-

-Continued

Central African

1982 1 I

1 !+■!»■ LI

Mgh Lew j Stack |

| Mx | - f itt |Ctaj

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NOTES

Unto* otterufce InfcalHl prices and net dMdemfc are ht pen* and
dmcvni notions are 25p. Esrtnwed pnee/eanringt iati» and covers ara
based on butl annul reports and accoums and where pcmJM^ an
wdattd oo lair^earty figwes. P/Es are catadamd on “nrt"
dstrUxidon had^ ewntags per shw bring canputaJ on pndlt after
taxation and uvrilewd ACT where applicable: bracketed fibres
IntficaM 10 per cere or nwre riWerence w catariated on -ntl"
dsMsekm. Cmere are bleed on "maxinun" dbtrlbutw this
c o mparea grass dhddend costs to prefit alter taxation, ndutfmg
esxqptboaf prafts/IoBes bK Mbtlng eninued extent of off settable
ACT. Yields are based or mltfcto prices, are grass, esSraiedlo ACT of
30 per cesx and allow for aloe of declared dntrtUion and rights.

* -Tap“ Stock.

" Highs wd Lows nartafUxa taw been adeotetf to allow lor rights
Isnws for cash.

t Interim since Increased or reamed.
t Interim since reduced, passed or deferred,
tt Tax-free to non-resklents on ^mllcation.

4 Figures or report mated

* IISM; not Usted on Siodc E xch a ng e aod company not subjected to
same degree of regulation as listed securities.

17 Dealt In under Rule *63(3).

5 Price at tone of s^erdon.

9 Inficaled dnidasd die-- pmfeng scrip wxVbr rigMs issue: cover
relates to previous Avfdend or forecast.

* Merger bid or reorganisation In progress.

* Nos corrpsrabie.

* Sam tntfinrr reduced final and/or refbeed eendngs indicated.
4 Forecast a r i dif xL cwei on earnings igxbied by latest interim

statement.

X Cner allows for comenianol shares not now tanking ta- Addends
or ranfang only for restricted ifrrrdrixt
■k Carer dbes not allow for shares wtdcfi may also rank for dridknf at
a future date. No P/E ratio usually provided.

II No par value.

9 Rate applicable to nonamb ri t we i a n residents.

44 VMd based on aBuraptlon Treasury Bill Rate stays unchanged until
maturity of stock a Tax free, b Fibres based oaprespeebs or oiler
official estimate, c Cents, d DMdenil rate paid or payable on pwt of
capital, cover based on dhrldmd on full capital, e Redemptiou yield,
f Flat yteta g Assumed tMdeod and yield, h Assumed rindand and
yield after scrip leue. J Payment from capital sources, k Kenya,
m huerim hiqher than prevtom. toiaL ■ Kigtts taue pemang.
q Earnings based on rneHmlnaiy figures, s Diuidcnd andyleid exclude a
special payment, f Intftated dhudend: cover relates to previous
dividend, p/E ratio based on latest annual earnings, o Forecast
d M demfc cover based an previous year's oanungv. v Subiect » local
tax. x Dividend cover in excess of 100 times. S Dtadend and yield
based on merger terms, x Dhndend and yirid Inehxie a special payment
Cover dees not apply to rveoal payment. A Net dhrtdend and ytricL
B P re ference tflvidend passed or deferred. C Canadfon. E Mnmun
tender price. F Dividend and yield based on prespecUs or other
official estimates fra- 1983-84. G Assured dividend and yield alter
pending scrip and/or HgMs issue. M Dividend and yield based on
prospechs or other official estinwes lor 1982. K Figures based on
prospectus or other official estimates for 1981-82. M Dhvdend nf
yield based on prospectus or other official estimates for 19B3.
N Dhndend and yield based on prospectus or other official estimates
for 1982-83. P Ft*«s based on prospeetos or other official estimates
for 19B2 G Grass. T Figures assumed. Z Dniidend total U due.
Abbrevia tio ns: fo ex dvtdend; xt ex scrip Nsne; ar rat rights; a ex
all: rit ex capital ifoi rt ait l i d L

REGIONAL AND IRISH
STOCKS

Tba following b a selection of regioaai anrf Irish stndc, die later being
quoted In Irish currency.

3.

150

104 1+6
Q4

Attany hhr.20D—

Bertraro

Btfo-wtr.Ess.S0p_
Craig 6 fojse C1--
FiitiayPk#.5p —
GrafoShfoa

HtaonsBrew

HoHUoaiSp.

I.O.M. Slm.El.™
Pearce (C. HJ —

PeefHtdK.

SWf.Rrir*mt»_
Sindatl (Wn)

W { T.MC_.

Z2S | liuidare

HUGH

Com.4%m , e2~| £9Wa

84/89- £68
Fin. 13% 97/02 — £76

Alliance Ga^.. 83

Araott 200

Canoll (PJJ 72

Conoete Prods..„ 53
HeiconlHIdgs.) — . 17

Irish Ropes 34

Jacob 65

T.MG 4

U airfare ‘ 45

OPTIONS

3-month Call Rates

660
405
210
£305a

_ «2
012) ,5

135 W

ZT Ob

\m

46 nu,

- 3K

- 680

- 360 -

ITS

vm

l«Bl
373
38
740
£27*4
£28
375nJ
330
159
643
■ 65
26
15
230 +30
362 +35
49 -1

127

£18 +1
435 +20
300

Diamond and Platinum
£25
210
Mom
210
107
156

(ixfcsiriafc '
AJUed-Lyoro

B0C IntL

B.S R

Babcock

Barclays Bank
Bcecbam.___

etueCktfo

Boots. _______

Bouse ers — ___
Brit. Aerospace..

bjlt.ZZZZ

Dro wn (J.)

. BurtnnOU

Cartoon.

Courtauldt

Debrsttiams-

Clstiiim^

Dunks

Eagle Star

FN.FC

Gen Mcdaem

Gen Electric

Ghoo

Grand Mei

G.05.A-

Giartlaii

G.K.N

Hawker Sidd

KotM of Fraser.

8 IJLI

15 “Inor.

8ia I .CL

10 Ladaroire. — __
42 Legal & Gen. __

21 LnSeretse

48 LfoytibBantaw..
19 “Lok* 1

24 London Bride__

17 Lucas Ink..

38 “Mams”

7 Mrfcs.&Spncr_
15 MfaflandBanfc__

9 N.£l._

8 NjL West Bonk.

7 PiODfd.

15 Plesey.

6>2 RacaiBec. — _
31 RH.9

4 Ranh Org. Ont _

28 Reedlntrf.

65 Suarc

42 T.l

17 Tesca

as Thorn EMI

25 Triisi Houses —

15 Turaer&Newall.
30 UoUerar

25 Ufd.Oapery._J 7

24 Vttken 16

8 llfooJ worths j 5

&>

15 Property

S BoLLafttL- 73j

» Cap. Counties — 10

« 1*8505 28

« MEPC 20

' Peachey 14

*“ Sattwri Props.— 11
“ TwmSCIty-Zl 3>a

|® Ofe

35 Bril. Petroleum. 26'
ra BuTTHhOil— — 10
32 jCIratertiaH .. ... 6

35 jKCA 14

Hj! Premier 6

Shell 30

at Trleeicrot 22

r UhranwZZZ] 38

Site

« Charter Cons.— 25

11 Cons. Gold 45

11 Lonrho 7

55 Rio T. Zinc 42

A selection tf Option traded 8 ofoen en the
London Stock Excftmge Report page

TMctfvica bna&hfe to mrtty Corthwiy daft in m Sock
EkIbbirs thraagheid the United KbiQibni for a fee of £600
per aontan for tacri security

40

W &Wulows

01-6069611

THE

PROPERTY ADVISERS

Thursday July 15 1982

^HERBERT

\ nLn f . Machine Tool
Technology-

Zinri l

British and Best.

Telephone: Ccvar.try SB37?

HOWE SET TO URGE TIGHT REIN ON BUDGETS COUDCil

Ministers warned on spending deaJ

BY ?6TER RIDDELL. POUTICA3. EDITOR

R GEOFFREY HOWE, the as clear-cut and unequivocal lands operation, on defence system of cash planning of '■"£k|llC< A

lanceilor. will try this morn- form as possible, allowing equipment generally, on local expenditure in money terms, V/JJI 1 vXlliJv

THE LEX COLUMN

BY P&TER RIDDELL. POLITICAL EDITOR

SIR GEOFFREY HOWE, the
Chancellor, will try this morn-
ing to persuade the Cabinet to
agree to keep public spending
levels next year as close as
possible to existing plans, in
the face of proposals from
spending ministers for an addi-
tional £abn.

A Treasury paper circulated
to Cabinet Ministers warns that
unless public expenditure in
1983-84 is held close to the
f 121bn proposed in last March’s
White Paper, there will be no
chance of significant tax cuts
in next spring’s Budget — pro-
bably the last budget before a
general election.

Under existing plans, there is
room for only about £500m of
tax reduction, equivalent to $p
off the basic rate of income tax.
The Treasury sees no reason to
believe that the margin is
larger.

The Treasury hopes the
Cabinet will decide the overall
planning total for 19S3-S4 in

as clear-cut and unequivocal
form as possible, allowing
bilateral talks between the
Treasury and spen ding
ministers to start in September.

There is also likely to be
some discussion today about the
broad economic strategy. The
Confederation of British
Industry is pressing the Govern-
ment for action to stimulate' the
economy, but there are no signs
of an autumn package.

Mrs Margaret Thatcher, is
understood to have told minis-
terial colleagues that ' public
spending must be held down to
permit tax cuts and a further
reduction in interest rates next
year. She is said to prefer re-
ductions in income tax, notably
by means of raising tax thres-
holds and allowances, rather
than further direct help for
industry.

The main items in the addi-
tional £5bn being sought by
Whitehall departments are
extra expenditure on the Falk-

lands operation, on defence
equipment generally, on local
authorities, on public sector
wages after this year’s higber-
than-expected settlements, on
social security benefits and on
nationalised industries.

One Minister said the nation-
alised industry finance and
investment review, recently cir-
culated around Whitehall, made
worrying reading — particularly
in view of the projected finan-
cial needs of British SteeL Even
Treasury ministers concede that
it will be impossible to get local
•authority expenditure down to
the desired level next year in
view of current overspending.

The additional total sought is
not excessively large at this
stage of the annual spending re-
view,' but several spending
ministers have argued that it is
needed not for expansion, but to
maintain the existing level of
services.

Spending ministers, argue
that the introduction of the new

system of cash pla nnin g of
expenditure in money terms,
rather than the old “funny
money ” planning in volume
terms at constant prices, means
that insufficient allowance has
•been made for the actual rise
In the .cost of programmes. The
Treasury assumption of 6 per
paint inflation between the cor- 1
rent financial year and 1983-84
is regarded as too low by many
departments.

There is some leeway to fin-
ance part of the bids for extra
spending, since £4bn has been
allowed for the contingency
reserve for unallocated items
within the £121bn total for
1983-84

Meanwhile, the long-standing
row between the Treasury and
-the Ministry of Defence is
likely to erupt again, over the
issue of increases in the cost
of defence equipment and over
requests for new and improved
weapons systems.

Turkey’s deputy premier resigns

BY MET1N MUNIR IN ISTANBUL

MR TURGOT OZAL. Turkey’s
deputy prime minister and
architect of the country’s
economic recovery in the past
18 months, resigned yesterday
after disagreeing with the mili-
tary government over the con-
duct of his policies.

Mr Bulent Ulusu. the Prime
Minister said last night that
“ there will be no change in the
economic policy or any deviation
from it. The stability pro-
gramme will continue to be
applied."

Mr Ozal’s departure comes as
the Turkish economy, after
steady recovery since 1980,
appears set to slide into reces-
sion. Low domestic demand and
the high cost of borrowing have
brought many companies into

difficult straits and the banking
system lo near paralysis.

About 20 of Turkey's largest
private companies bave applied
to the Government for financial
support Most banks have
stopped new lending and are
having difficulty in recovering
some outstanding loans.

Large-scale changes 'are also
imminent in the central bank,
the state planning organisation,
the foreign capital department,
and the Ministry of Finance.

Any changes to Mr Ozal’s
policy, which received generous
support from the International
Monetary Fund and Western
governments and banks, could
lead to a break with the IMF,
with which Turkey has a three-

year standby agreement. This Kafaoglu, 56, has been special
could lead, in turn, to a halt in economic adviser to General
the flow of vital funds from the Kenaa Bvren, the Head of State
West . ’ and Chief of Staff.

Total compliance with the
IMF’s strict economic guide-
lines could, however, increase
popular discontent, which for
the first time since the military
coup in September 1980, is
becoming a serious threat to the
popularity of the regime. The
generals face a referendum on
their new constitution in
November.

Mr Ozal’s position in the
Cabinet has been abolished. His
job of running the economy will
be undertaken by Mr Adrian
Beser Kafaoglu, who becomes
Minister of Finance. Mr

A little-known figure, Mr
Kafaoglu has close connections
with the large private groups
in Istanbul, and a reputation
as one of Mr Ozal’s ™*i-n
opponents.

Mr Ozai’s resignation followed
the departure of Mr Kaya
Erdem as .Minister of Finance,
yesterday morning. Mr Erdem,
who owed his appointment to
Mr Ozal and gave him full
suport, resigned because he
bore most of the blame for the
recent collapse of Banker
Kastelli, Turkey’s biggest money ,
broker.

Nurses 9 ballot move upsets health unions

BY JOHN LLOYD, LABOUR. BXTOR

THE Royal College of Nursing,
the main nursing union, yester-
day disappointed the TUC-
affiliated health unions with a
narrow decision to ballot its
members on the Government’s
T.5 per cent offer to nurses.

The decision, by a majority of
six-to-five of the college's labour
relations committee, dashes
hopes among other unions that
the RCN would reject the offer.
The college’s 190,000 members
voted last month to reject an
earlier 6.4 per cent offer by a
majority of two-to-one in a
postal ballot.

Continued from Page 1

The health unions all-out
three-day strike timed to begin,
next Monday, but fear that the
five-week period the RCN needs
to complete Its latest baUot may
see a slackening of solidarity.

Although the RCN will not
make a recommendation on the
ballot Mr Trevor Clay, its new
general seertary, said he
believed 7.5 per cent was the
Government’s final offer.

Mr Clay also warned that the
Government's offer to talk about
a new pay structure for nurses
for next year might slip away if
the present dispute was pro- ’

longed.

Mr David Williams, assistant
general secretary of the Con-
federation of Health Service
Employees (Cohse), said last
night that a decision on future
action would have to be taken
at a meeting o fthe TUC’s health
services committee on Thursday.

It depended largely on the
response to the strike call.

The Government last night
reiterated its tough stand.' Mr
Geoffrey Finsberg, Parliamen-
tary Secretary for Health, told
the Institute of Health Service
Administrators: "There is no

Continued from Page 1

more money available for this
year’s pay round. No amount
of industrial action is going to
c h a n ge that”

• Mr Len Murray, the TUC
general secretary, has con-
demned the Government’s
threat to discipline 550 civil
servants who supported the
health service staff.

"This is nothing more than a
crude attempt to prevent other
r trade unionists from showing
their support for the health
service workers’ legitimate
claim to a fair pay settlement,” |
he said.

Rail closure deadline Banco Ambrosiano

strikers saying that they are in
breach of their contracts of em-
ployment. and are therefore
dismissed.

Included in the letters, which
will go lo probably just under
23.000 staff will be a simul-
taneous offer of immediate
re-engagement on condition
that an undertaking to work
the new flexible rosters is
.signed.

BR hopes that its decision
will so increase pressure, on
Aslef members in particular, to
defy the strike that it wiU not
be necessary to shut down the
system, though this seems a
remote chance.

By not moving directly into a
suspension of the guaranteed
work arrangements, BR is also
rewarding staff who have so far
neither gone on strike nor
defied it.

BR is still talking of a long
stoppage, but some private esti-
mates now circulating suggest
that Aslef may be beaten in
three to five weeks.

Senior BR officials were
cautious yesterday about the
possibility of mounting an
individual ballot of its workers
on the issue of flexible roster-
in-j. believing that the latest
moves would allow strikers to
declare their intentions.

However. BR re-stated its
resolve lo press ahead with im-
posing the new rosters by post-

ing them at 59 more drivers’
depots today to come into force
on Monday.

This lessens the chances of
further interventions by either
Acas or the TUC.

In the talks which ended
early yesterday, Aslef proposed
that BR withdraw the rosters
in return for which the strike
would be suspended; that
negotiations on the issue begin
and be completed within 48
hours; and the results be placed
r before a recalled meeting of
the union's policy-making I
annual conference within !
seven-to-10 days.

BR rejected these proposals.

The union response to BR’s
announcement was sharp. Mr
Ray Buckton, Aslef general
secretary, described it as a
"disastrous step."

The board’s announcement
yesterday was delayed at the
request of Mr Michael Foot,
leader, who then met Sir Peter
Parker and tried unsuccessfully
to persuade BR to reconsider
AsleFs proposals.

After some tough talking BR
now believes Mr Foot has “ a
clearer understanding" of the
position.

The Government is digging in
for a bitter and protracted
closure. It is preparing a short-
term loan for BR, which will
attract high interest rates, wor-
sen} nc BR's already gloomy
financial position.

| sed in Milan, Nassau and
i Luxembourg via the Euro-,
market In the first two cases,
i in Milan and Nassau, funds
I were purchased in the short-
term interbank markets. The
Luxembourg company, how-
ever, drew on syndicated credit
managed by a number of lead-
ing European banks, including
National Westminster, Midland
and Credit Suisse. In all, 250
banks were involved.

Repayment of the Milan
parent’s $700m interbank bor-
rowings is now assured — regard-
less of the Vatican’s attitude
— as a result of the formation
of a six-bank ‘lifeboat” con-
sortium under the aegis of the
central bank. —

The— speedy action of the
Rome authoritie — s reflects their
anxiety that the crisis should
not .affect the credit — standing
of other Italian borrowers in
the Euromarket.

Pending the final outcome of
the talks with the Vatican, how-
ever. the situation of the
Luxembourg and Nassau
companies is more complicated.
The Italian rescuing consortium
is not willing to b — e involved in
either case.

This explains why. at the in-
stigation of the Bank of Italy,
Ambrosiano Holdings has been
placed by the Luxembourg
courts under gestUm control^
This means all Its activities,
assets and liabilities are frozen

for three months. A similar
moratorium is being sought with
the Bahamas authorities to
cover Banco Ambrosiano Over- 1
seas.

The Bank of Italy intends !
that during this period the
Vatican will facilitate a full re-
payment of the Panamanian
companies’ loans, allowing as
must as possible of the $1.4bn
to flow back along the channels
it came from.

The resolution of this de-
pends upon agreement over the
precise legal nature of the
VaV can’s backing for the
Panama companies. It was pro-
vided to tbe Ambrosiano Group
in the form of " comfort ” let-
ters from the IOR, acknowledg-
ing the Vatican’s control over
the companies and awareness of
thpir borrowing.

Establishing the letters’
status wiU be the key task of
tbe experts investigating tbe
links of the IOR and the
Ambrosiano Group. The relation-
ship between them has been the
subject of intense speculation
sinc e the death by haaging of
Sag Ro berto Calvl, Banco
Amhroaano’fi Late chairman, in
London last month.

Three experts have effectively
superseded Archbishop Paid
Mardnkns at the head of IOR.
Tbe Vatican's earlier refusal to
co-operate with tbe central bank
appears to bave softened
accordingly.

Cable and Wireless makes £97.7m profit

BY GUY DE JONQUIERES

CABLE and Wireless, the tele-
communications group in which
the Government sold almost
half its shares last October,
reported pre-tax profits of
£97. 7m for the year to March 31.
up from £fi2m the previous year.

The results were ahead of
October’s forecast Cable and
Wireless expected pre-tax pro-
fits for the year of not less than
£S4m.

The additional improvement
of almost £14m was because of
the favourable impact of cur-
rency movements on the group’s
revenues, almost all of which
arc earned abroad, interest
earnings and a quicker-than-

expected recovery in non-
franchise business.

After deduction of interest
earnings and currency gains, the
underlying profit growth is
understood to have been about
14 per cent Turnover rose to
£3 54.6m from £293m.

More than three-quarters of
Cable and Wireless’ business
comes from franchises, the big-
gest being in Hong Kong and
Bahrain. It installs public tele-
communications systems at its
own cost and in return receives
a ’ share of the operating
revenues.

Cable and Wireless does not
publish separate figures for the

different parts of its operations.
But profits from the non-fran-
chise business are believed to
have more than doubled last
year to almost £10m.

This improvement was helped
by a sharp turnaround in the
group’s U.S. operations, which
moved into profit last year.
Cable and Wireless said all its
businesses in Continental
Europe were also profitable last
year.

A recovery was also tinder
way iii its franchise business in
the Yemen. Arab Republic. The
business is breaking even after
losing £3.5m on a turnover of
£4.7m in 1980-SL

Cable and Wireless said the
first stage of the Mercury pro-
ject to build an independent
business communications net-
work in the UK would be operat-
ing in London by early next
year. The group has 'a 40 per
cent interest in the project, in
which British 'Petroleum and
Barclays Merchant Bank are
the other partners.

Mercury has budgeted
initial investment of £50m.
Cable and Wireless -said this
could rise- to £lbn over the next
enough..-'

Page 22

Weather

UK TODAY

OUTBREAKS of rain, mostly
warm witb thunder in places. -
Most of England
Brigit intervals: heavy
showers. Max 24C (75F)

Western, regions
Rain heavy at times. Max
23C (73F)

Borders, most of Scotland, N,
Ireland

Rain; cooler. Max 20C (68F).
NJL Scotland • . ../]

Heavy rain; coastal fog. Max 1
16C (61F). .

Outlook: Rain continuing; be-
coming cooler.

WORLDWIDE

Y*day 7 rd«y

nridtJay . nridday

fC *F • ’ -C f

AJ*ccb> S 28 82 L Ang.-f

Affect S 23 73 Uwotofl. F 28 82

Amsdm. S 29 84 Luxor -S 37 99

Alberts S 30 86 Madrid F 25 77

Bahrain S 37 98 Majocca. S 29 84

Bare! ini. F 28 82 Males* S 32 SO

Beinit "Malta S 35 95

Betqm- BMW M’eftstr. S 23 73
Be*s«J. F 25 77 Mel bn e. S 11 52

Beritn F 28 62 Mx. C.t — —

Biarritz S 22 72 Misnrtt S 28 79

Bmghm. T 19 S 28 82

{Mackfil. S 24 75 Montfi.t S IS 64

BoFdx. C 22 73 Moscow S 29 84

Boufefl. C 21 70 Munich S 27 81

Bristol C 17 63 Nairobi . — —

Brussels S 29 84 Naples S 29 84

Budpat. F 24 75 Nassau . — —

Cairo 5 28 82 NwCSCl. S . 16 64

Cardiff C 18 .64 NYorttf F 23 73

Ces’b'cfl S 23 73 Nice F 28 82

Cape T. S 26 '7B Nicosia S 27 81

Chicg.t C 21 70 Oporto C 18 68

Cologne S 30 86 Oslo F 24 75

Cpnhgn. S S 77 Parte F ' 28 79

Corfu S 29 84 Perth — —

Denver! F 16 61 Prague F 27 81

DtrWbi S 19 66 Rsykivk. F .14 57

Pbrvnk. F 22 . 72 Rhodes S 28 82

Ednbfih. S 16 01 Rio J'ot — —
Faro S 21 70 Rome S 20 86

FJorancs F' 33 81 Salzbrfl. S 27 81

FranWt. S 30 86 S F'oiact

Funchal F 22 72 S. Moritz "■ — — .
Geneva, S 27 81 Singepr. —

Gibraltar S 27 81 S'tiapot . — —
Glasgow C 18 64 Skfchm. S 23 73

G’meey 8 19 86 Strasbg. F 30 86

Hetowki S 22 72 Sydney C 13 .56

H. Kong C 30 86 Tangier F 23 73

Iratebrit. F 29 84 Tel Avw S 2B 1 ' 82

Invrrws. C 17 63 Tenerife F 24 75

l.o. Man S 21 70 Tokyo C '27. 81

Istanbul T 25 77 Troniot S 16 61

Jersey S 21 n Tunis ' F .39 702

Jo' burg S 14 67 Valencia 8‘ 32 $0

!_ Pima. F 2* 7SrVenic* S 27 81

.Lisbon C 21 TO I Vienna S 28 7$

Locarno S 26 70 1 Warsaw F 27 81

London R 16 66lZuriCft- 5 27 -81.

t^Cloudy. W*. • Man.

S— Sonny. T— Thunder,
t Noon GMT temperatures. .

service

By John Lloyd, Labour Editor .

- WANDSWORTH COUNCIL is
going ahead with its plans to
contract out refuse collection,
after winning the agreement
of shop stewards. .

The London' borough's dust-
men will be given high redun-
dancy payments in return for
a written commitment that
they will not oppose the priva-
tisation of the service, and
that they will call on their
unions not to oppose it either.

Wandsworth Council voted
on Tuesday to make more
then 2(H) -dustmen redundant
and to contract oat refuse
collection- in . the boratgh to
Grendmet Waste Services, at
an estimated - saving of £7.5m
over the next five years. , .

A tender put. in by- the
workforce, which would have:
given £6.5m savings, was
rejected.

The council becomes the
first in London to have
privatised its refuse collec-
tion as$ street cleansing
Pritehard Industrial Services
has the contract for cleansing.

It-has given its maintenance
workshops - contract to the
workshops^ labour, force, and
is considering the privatisa-
tion of part of its housing
department, the triaMgwnMtf

of its baths and Halle anil ](8
mobile maintenance service.

The key feature of the
refuse services'* operation is
the safeguarding of the newly-
privatised services from dis-
ruption by paying compara-
tively large sums of money
■ to tiie dustmen made
redundant.

The unions mounted a
fierce campaign of . opposition
the year to privatisation of
the cleansing services and
there were numerous allega-
tions of violence and intimida-
tion in that fight
Mr Maurice Heaster, deputy
conned chair man and estab-
lishments . committee chair-
man, said yesterday that'.£lm
had been set aside to pay off ■’
201 dustmen — £700.000 more
than the statutory redundancy
requirements.

These payments will run
into many thousands of
pounds for workers with long
service. In return for them,
the dustmen will pledge not te
take part in ictioh aimed at
disrupting the new contract
Also they will call on heir
unions — the . General and
Municipal Workers’ Union *
and the . National Union of.
Public Employees — not to
institute azv.' action through
other sections of the work-
force.

Mr Heaster said the shop
stewards representing the
dustmen had agreed to this
deal He expected that -a
number of than would be
taken on by GrandmeL

from G & W

Nervous holders of Cable and
'Wireless who sold out below
200p at the end of last year
will not have appreciated the
subsequent rise in the price to
a peak of 298p. ‘ The forecast
of £S4m pre-tax profits has been
comfortably exceeded, with an
outcome of £97.7m. This is not
so dramatic an over-perform-
ance as it appears at first, since
currency movement have chip-
ped in £7m and higher interest
rates than assumed a further
£5m. Nevertheless, the outcome
incorporates provisions of £7.6m
for reorganisation:— a figure
that had not been suggested in
the offer document

- So the trading performance
has bean somewhat - healthier
than expected, with an under-
lying improvement of about 14
per cent In particular, the non-
franchise operations appear to
have been successfully cleaned
up, with a contribution up from
£3.8m to £9 .6m. Meanwhile,

the operations in tbe Yemen
and the U.S. have both been
turned round into profit
On the franchise side, traffic
has increased by between 15
and 20 per cent-worldwide, with
the pace of growth in Hong
Kong ■ slowing somewhat
although remaining well above
the average.- .Trading profits
should be up another 14 per
cent or so In tiie current year,
although investment income will
be squeezed when the best part
of £68m is paid over to the
Inland Revenue next January.
The outcome may be in the
region of £115m- The shares
shed 7p yesterday- to 283p, to
produce a yield of 3.4 per cent

Pilkmgton

'The . chairman of FSkington
Brothers warns that UK. trading
results will again be depressed
this year, but adds that pros-
pects overseas are again “good
overall.” Among the group’s
major overseas markets., how-
ever, Germany hn particular
can be no fun at all at the
moment, and the improvement
in the UK— where flat glass
prices are under pressure from
imports — will depend on qost

NEWS

REVIEW

BUSINESS

Oman chooses
Ferranti
Laser Ranger

Designed and . manufactured
by Ferranti Electro-optics, the
Type 520 . Laser Rangers,
which form part ‘ of the
Vickers - "Instruments L20
sight, have been selected to
equip . the Qayidalardh. main
battle tanks and tiie Scorpion
light tanks recently ordered
by the Sultanate of Oman
Land Forces. -
Before gaining tiie contract
Ferranti demonstrated . the
operational features of the
Type 520 and the reliability
of tbe equipment in the tough
desert environment finri^g
two firing trials in Oman. ■

Large Screen
Display

Following a recent demonstra-
tion, two major export orders
for the Large Screen Tactical
Display System have been .
•won by: Ferranti Computer-'
Systems . : : .*■

Already -supplied to North-
America: Europe, .Asia and
the' - Middle Bast, -tiie latest
orders bring tiie. total coun- ■>
tries using the system to nine.'
The svstem is used- in various
situations requiring- dfcplayof
complex' continuously chang-
ing Information to a
number of people ih the sazne-
area. . .....

Briefly- , v

The Kalian Air Force is to
equip its Tornado bases with
Ferranti FIST Automatic Test
Equipment which has been
ordered through Pahayfa flow
Ferranti Navigation Systems
Department . ".

Ferranti Electronics has totro*
duced the ZN436'6-bif digital-
analogue convertor,* In two
versions— ZN436E, a moirided :
package for commercial appli-
cations and . ZN436J. a
ceramic-packaged ... converter
designed to operate over .the
full military- . temperature'
range. of -55°C to +125°G.

A 3-metre diameter aafnlHfe
communications c - •' . g r.o u n d .
station has been delivered .to
'British Telecom inrLondon by.
Ferranti Electronics : • Micro-
wave Division.

Ferranti GTE has expended
into the Irish telecommimica-
tious- industry - through ’ the
acquisition of the. Digital.
Telephone Company Limited
of Dublin. .

Index fell 0.5 to 553.8

elimination and a lower level of
redundancy payments.

At this stage, given that
licensing income will be sharply
lower, .'it is - hard to Imagine
1 982*5 pre-tax profits being
much above last year's £53m. In
the long run, whatever it may
do in the current year,: Piiking-
ton must spend more than its
depreciation charge in order to
maintain operating capacity
and replace lost licensing
income. Last year it laid out
£94m. on fixed assets and £4Sm
on investments, compared with
a replacement cost depreciation
charge of £89m. The invest-
ments werero ore than funded
by £54m of asset sales, and yet
Pilkingtoh ran a’ £51m cash
deficit

The balance sheet -still Jocks
solid, but it is hard to see
where the next dividend in-
crease is coming from: The
market does not yet consider
Pilkmgton a yield stock, how-
ever, at 2G2p the yield is 74 per
cent

Tour operators '

Holiday . tour - operators
enjoyed booming business far
further, into the recession, than
anyone expected. But this sum-
mer the level of bookings has
dropped off and there, are few
signs of a late surge, so volume
is likely to show a decline of
some 6 per cent The disap-
pearance of Laker .from the
scene, has removed - about the ~
same amount of capacity; unfor-
tunately an ambitous industry,
bad planned capacity increases
of between lO arid Tbper cent
The 'result has been aggressive
discounting with a direct affect
on the margins- of discounters,
and an indirect effect on the
non-discounters through lower
load factors. -.

It Is. against this background
that - the shares in the sector
have , been - falling in recent
months. Horizon is .21 per cent

■m ADVERTISEMENT

•RESULTS

below its peak this year and .If*
Intasun Is down 24 per cent.
While both' these companies f,
have seen some margin squeeze, n
they have been Insulated from 1
the downturn by their ability
lo continue gaining, market if]
share. Volume in each should ^
be up by 10 per. cent; a similar
rise is likely in pre-tax profits,
a sharp deceleration of the v ;
growth in recent years. -

Both stocks are ndw offering \
prospective p/e's in single 1 +
figures, fully taxed, and the ^
likelihood must be for a couple
of stagnant years. Consumer ‘‘
spending may be as. 4ate to
respond io any upturn as ft was .
to' the downturn. Meanwhile
both companies may have seen
the best of the gains in market
share- Thomson show's signs *•’-
of fighting back, while Cosmos x' :
is now a much smaller target.

jBt

AEG-Tefefunken

Tbe’ German government's
DM 600m export credit guars n- I
tee for AEG-Telef unken tides v
the business over for a while,
but is no sort o fsolution to its
long-term problems. The com- J3T i
pany’s banks are being obliged
to put up a further DM 275m.
for which they may get some
sort o fsecurity. But that -win ... .
only undermine the backing for . \
their .existing loans,, and they. .
must' be nearing the point at .
which farther involvement with iff c
AEG runs against the interest! , ,
o f their own shareholders. . - '. -

On possible solution— with or
without GEC — being canvassed
in Germany would be for AEG
to file for partial bankruptcy w- c
under the German equivalent
of Chapter XI, under which
pertgaps . half of its liabilities
(to trade creditors as well as
banks) could be written off.

That would bring gearing down
far enigh to leave it with a . :
chance of trading its way oat of
difficulties, and. although the..M
bulks would have to swallow J-
hard and write off DM 2jbn or f . .
so, tbedr balance sheets would
at least be dean at the end of
it all. 1-

Ferranti

This month's annual report
from Ferranti shows the com-
pany maintaining its first
- half momentum and looking
forward to further progress.
With, turnover up .13% at
. £30&9m .profit before tax
reached £23.8m. an advance
of 31%.' Sharply . reduced
interest charges reflected the
.strong cash flow - which
' resulted in a. year end surplus
of cash over borrowings In
spite of continued major
capital expenditure of £22m.
Chairman Basil . de ^Ferranti
. reported that tiie main - elec-
tronics businesses achieved
record levels of -output and
new orders and a trading
profit increase of 25%. Civil
computer systems orders

advanced 40%.

Trading conditions in the
..Engineering division ■ were,
extremely difficult and an
increased loss was incurred
but economies and a. higher
level of orders are expected
to bring improved results in
the current year. A £4m
overseas order for container
handling equipment has been
received since the statement
was prepared.

A one-for-one bonus issue is
planned to bring the issued
capital more into line with
the assets- permanently em-
ployed in the business. The
directors are recommending
a final dividend of 5.5p mak-
; bwj ' a total for the year of
Sfip, 31% up on last year.

SUMMARY OF RESULTS

' 1982

' 1981

Increase

Turnover "• *

£308.9m Y

.: " J271_5m

13%

Profit before - tax '

£23Bm>v

' . : £18.1m

31%.

.Earningsper^tockimit

50.4p

40.04p

26%

Dividend per stock unit

&5p

6.5p

.. 31%

feu*. b »T «««ct8d from .U» full accounts which
■ have, not-yat Seep JWed with the Registrar of Companies or reported on by
-.the company's auditors to the members at » general mealing.

• BOOKtET

Ferranti in Perspective

Ferranti has issued a bookjet
^.shareholders- and employ-' ■
ees y titled: " . "Ferranti in
Perspective."' ;•

It reviews /netivfly ahd :
.development, over -the -last.-
'8eveiT': yeaij, ' 'summarises 1
assete and resources available
for' . the . heart' period - -<rf -
.development and ..famines .
areas'- of 'technology likely to -
. provide future growth. ..

•‘Ra production oi the cantahis 'of blit newspaper In
fttsuwod a; the Pp« Often; - Printed by S
Bracken. House. Cannon. Street tontfoft EC4P '4BY.

rof blie newspajnr In any manner li not'-penitittbd .without prior -ionkebt -of .tfctf putri»b*r:

• : r -« rf -rS5S -Sv BB ? Polished TtS-tH. FibshcTar TWSh'

>t tondoft . 6C4P 4By. •, , -V -. P H .. / . , ' © The Flnancfil T«t m -’Mn.' 1W.

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